STATE OF RHODE ISLAND - data.treasury.ri.govdata.treasury.ri.gov/dataset/4fde48b6-53a9-4986-a5...state of rhode island investment commission meeting data at march 31, 2009 members

STATE OF RHODE ISLAND INVESTMENT COMMISSION MEETING

DATA AT

MARCH 31, 2009

MEMBERS OF THE STATE INVESTMENT COMMISSION

Hon. Frank T. Caprio, Chair

Mr. J. Michael Costello Ms. Rosemary Booth Gallogly Mr. Robert R. Gaudreau, Jr. Mr. Robert Giudici

Dr. Robert J. McKenna Ms. Marcia Reback Mr. Andrew K. Reilly Mr. John R. Treat

AGENDA

APPROVAL OF MINUTES

STAFF SUMMARY

RHODE ISLAND STATE INVESTMENT COMMISSIONSTAFF SUMMARY ANALYSIS

PORTFOLIO HIGHLIGHTSMarch 31, 2009

PORTFOLIO PERFORMANCEMar-09 Calendar

March ERSRI Performance By Asset Class YTDDomestic Equity 7.73% -10.68%

The ERSRI portfolio posted a 3.45% gain for the month of March, Fixed Income 2.45% 2.76%against the policy index of 5.91%. Domestic Equities were 7.73% inter- International Equity 6.33% -12.18%national equities were 6.33%, and the fixed income asset class returned 2.45%. Total Fund Composite* 5.95% -7.05%Additionally, the retirement fund earned $68,752. from the securities lendingprog gram durin this month. If we factor out PE & RE investments, due to the Manager Summary Mar-09 CYTDway they are monitored the plan performance was 5.95% against its 6.47% index. DOMESTIC EQUITY

Shott 0.05% -0.98%Calendar Year to Date PIMCO 8.04% -10.16%

SSgA S&P 500 8.75% -10.96%

For the three months ending March 31, 2009, the portfolio is down -8.26% SSgA Core 6.92% -9.47%against the policy index of -7.56%. Domestic equities were down -10.68%, inter- Wasatch 0.46% -0.59%national equities were down -12.18%, while fixed income generated a return of 2.76%. Northpointe 7.26% -13.76%

Wellington 6.60% -13.08%Wellington Technical Eq 3.61% -1.27%

Fiscal Year to Date Total Domestic Equity 7.73% -10.68%For the Fiscal Year ended June 30, 2009, the fund has lost -27.36%,against the policy index of -28.25%%. FIXED INCOME

Brown Bros TIPS 5.95% 4.83% Index Performance Summary - March 31, 2009 Brown Bros Core 0.96% 1.88%

Calendar Fidelity 1.64% 2.51%Market Indices Mar-09 YTD Taplin Canida & Habacht -0.14% -0.51%Domestic Equity Fixed Income Cash Acct 0.05% 0.22%S & P 500 8.76% -11.01% Mackay Shield 1.89% 5.74%DJ Wilshire 5000 8.70% -10.56%Russell 2000 8.93% -14.95% Total Fixed Income 2.45% 2.76%Russell 1000 8.75% -10.45%Policy Index 6.47% -7.44% INTERNATIONAL EQUITY

Mondrian 5.27% -14.48%International Equity Goldman Sachs 6.73% -11.11%MSCI ACWI 8.07% -10.62% Boston Co 7.01% -10.83% Fixed Income Total International Equity 6.33% -12.18%Lehman AGG 1.39% 0.12%Real Estate *Total Fund Composite includes all classes ex PE & RE NCREIF -8.08% -7.92%

Market Valuation ReportMar-09

Market Values

The total portfolio value increased in March by $167.5 million to $5.529 billion. This compares with an decrease in value of $114.3 million for the same period in 2008. The Domestic Equity Market values increased by $209.4 million, including transfers in of $40.2 Million; Fixed Income decreased by $41.5 million including transfers out of $79.9 million; while International Values increased by $53.8 million, including transfers in of $100 thousand. The Cash Accounts increased by $13.5 million including transfers in of $12.2 million, and Alternative Investments decreased by $67.6 million, including transfers in of $10 million.

April 04 - March 09

$3

$4

$5

$6

$7

$8

$9

F-04 M-04 A-04 N-04 F-05 M-05 A-05 N-05 F-06 M-06 A-06 N-06 F-07 M-07 A-07 N-07 F-08 M-08 A-08 N-08 F-09

(bill

ions

)

Cash Flow

March pension payroll of $67.3 million was more than the $52.3 million in contributions and wire transfers received by $15 million.To meet pension and other obligations, $17.8 million was transferred from long-term investments.

Alternative Investments

At this time the alternative investment asset class has unfunded commitments of approximately $378.3 million oncommitments of $1,393 million.

CAPITAL CALLSNet of Distributions

March FYTD UNFUNDED2009 BALANCE

$7,269,215 $40,339,487 $378,342,802

March FYTD UNFUNDED2008 BALANCE

$13,857,545 $63,768,917 $373,369,762

State of Rhode Island

CURRENT ASSET CLASS ALLOCATION (IN MILLIONS)

PERIOD ENDING 03/31/2009

Provided by State Street Investment AnalyticsPage 2

CURRENTPERIODMANAGER

TOTAL US EQUITY 2,014.6

TOTAL US FIXED INCOME 1,552.1

TOTAL INTERNATIONAL EQUITY 901.3

TOTAL ALTERNATIVE INVESTMENTS 890.1

TOTAL CASH 34.5

RUSSELL IMPLEMENTATION SERVICES 136.0

TOTAL 5,528.6

RHODE ISLAND STATE INVESTMENT COMMISSIONSHORT TERM CASH INVESTMENTS AT:

March 31, 2009

Bank RI4.59%

Sovereign Bank10.80%

Federated Investors13.80%

Ci i

Webster Bank19.47%

CP0%

CD19% Agency

0%PIP43%

Repo0%

REPO = Repurchase AgreementCP = Commercial PaperCD = Certificate of DepositCoD = Collateralized DepositAgency = US Government Agency

Bank RI4.59%



Fidelity23.70%BlackRock

0.13%

Wells Fargo0.08%

Citizens Bank27.43%

Webster Bank19.47%

CP0%

CD19% Agency

0%

Money Mkt38%

PIP43%

Repo0%

State of Rhode IslandOffice of the General Treasurer

Short-Term Investments

Issuer Credit RatingsMarch, 2009

Issuer Ratings S-T Debt Rating L-T Debt Rating Credit OutlookType of Month End %

Issuer Instrument Portfolio Moody's Moody's S&P Moody's S&P S&P

Bank RI 3,4 4.60% N/R N/R

JP Morgan Chase 2,3,5 Aa3 P-1 A-1 Aa3 A+ Negative

BlackRock Inc. 6 0.13% A1 P-1 A-1+ A1 AA- Stable

Citigroup Inc. 2 Suspended Aa3 P-1 A-1 A3 A Negative

RBS Citizens 3,4 27.43% P-1 A-1 A1 A Stable

Federated 6 13.80% N/R N/R N/R

First TennesseeCapital Markets 5 Suspended A3 P-2 A-2 A3 BBB+ Stable

Fidelity 6 23.70% N/R N/R N/R

Merrill Lynch 2,5,6 A2 P-1 A-1 A2 A Negative

GE Capital 2 Suspended Aa2 P-1 A-1+ Aa2 AA+ Stable

Morgan Stanley 1,2,5 A2 P-1 A-1 A2 A Negative

UBS Brinson Advisors 6 Aa2 P-1 A-1 Aa2 A+ Stable

Sovereign Bank 3,4 10.80% Aa1 P-1 A-1+ Aa1 AA Negative

State Street Bank & Trust Comp 1,3 Aa2 P-1 A-1+ Aa2 AA- Negative

Webster Bank 3,4 19.47% A2 P-1 A-2 BBB+ Negative

Wells Fargo 6 0.08% A1 P-1 A-1+ A1 AA NegativeInstrument Codes

1 Repurchase Agreement2 Commercial Paper3 Certificate of Deposit4 Collateralized Deposit5 US Agency Discount Note6 Government Money Market

Ratings Definitions

Moody's Short-Term Debt Ratings: S&P Short-Term Credit Ratings:P-1 - Prime-1 have a superior ability for repayment of sr. S-T debt obligations A-1 - Highest rated, strong capacity to meet obligationsP-2 - Prime-1 have a strong ability for repayment of sr. S-T debt obligations A-2 - Somewhat more susceptible to adverse effects of changes in financial conditions, satisfactoryP-3 - Prime-1 have an acceptable ability for repayment of sr. S-T debt obligations A-3 - Exhibits adequate protection parametersNP - Not Prime B - Significant speculative characteristics, faces major ongoing uncertainties

C - Vulnerable to non-paymentD - Payment defaultModifiers:+ or - show relative standing within the category.

Moody's Issuer Rating Symbols:Aaa - Offer exceptional financial security (high-grade)Aa - Offer excellent financial security (high-grade)A - Offer good financial securityBaa - Offer adequate financial security S&P Outlook Definitions:Ba - Offer questionable financial security Positive - A rating may be raisedB - Offer poor financial security Negative - A rating may be loweredCaa - Offer very poor financial security Stable - A rating is not likely to changeCa - Offer extremely poor financial security Developing - May be raised or loweredC - Lowest rated class, usually in default NM - Not meaningfulModifiers:1 - Higher end of letter rating category2 - Mid-range of letter rating category3 - Lower end of letter rating category

S&P Long-Term Debt Ratings:AAA - Highest rating, extremely strongAA - Differs slightly from highest rating, very strongA - Somewhat more susceptible to adverse effects of change in economic condition, strongBBB - Exhibits adequate protection parameters

Moody's Long-Term Debt Ratings: BB, B, CCC, CC, C - Have significant speculative characteristics. BB least speculative, C highest degree.Aaa - Best Quality D - Payment defaultAa - High Quality Modifiers:A - Posess many favorable investment attributes + or - show relative standing within the category.Baa - Medium-grade obligationsBa - Posess speculative elementsB - Generally lack characteristics of desirable investmentsCaa - Poor standingCa - Speculative in a high degreeC - Lowest rated class of bondsModifiers:1 - Higher end of letter rating category2 - Mid-range of letter rating category3 - Lower end of letter rating category

MKT VAL % of FUND 1 Month 3 Months YTD FYTD 1 Year 2 Years 3 Years 5 Years ITD Incept DateDOMESTIC EQUITYIndex

SSGA S&P 500 INDEX FUND 961,375,122 17.4 8.8 -11.0 -11.0 -36.2 -38.0 -23.3 -18.4 11/01/2006S&P 500 8.8 -11.0 -11.0 -36.4 -38.1 -23.3 -18.5

EnhancedPIMCO 283,326,687 5.1 8.0 -10.2 -10.2 -39.6 -41.4 -25.3 -14.5 -5.9 -4.8 12/01/2000

S&P 500 8.8 -11.0 -11.0 -36.4 -38.1 -23.3 -13.1 -4.8 -4.1Active Core

SSGA - CORE 213,165,888 3.9 6.9 -9.5 -9.5 -37.7 -35.7 -23.2 -12.0 -3.5 0.9 10/01/1998RUSSELL 1000 8.8 -10.5 -10.5 -37.1 -38.3 -23.6 -13.2 -4.5 -0.2

WELLINGTON TECHNICAL EQUITY 125,097,861 2.3 3.6 -1.3 -1.3 -24.2 -15.8 -7.9 08/01/2007S&P 500 8.8 -11.0 -11.0 -36.4 -38.1 -28.6

Active Small CapNORTHPOINTE CAPITAL 213,572,833 3.9 7.3 -13.8 -13.8 -37.4 -35.0 -27.8 -17.8 -5.2 0.1 03/01/2002

RUSSELL 2000 8.9 -15.0 -15.0 -37.9 -37.5 -26.3 -16.8 -5.2 -0.2

WELLINGTON MANAGEMENT CO. LLC 216,820,869 3.9 6.6 -13.1 -13.1 -40.4 -40.3 -28.2 -18.4 -6.1 -1.5 03/01/2002RUSSELL 2000 8.9 -15.0 -15.0 -37.9 -37.5 -26.3 -16.8 -5.2 -0.2

OtherSHOTT CAPITAL 1,275,161 0.0 04/01/1999

TOTAL US EQUITY 2,014,634,420 36.4 7.7 -10.7 -10.7 -36.9 -37.2 -23.9 -14.0 -4.6 7.1 03/01/1989DOW WILSHIRE 5000 FREE FLOAT 8.7 -10.6 -10.6 -37.0 -38.0 -23.5 -13.3 -4.4 7.4

INTERNATIONAL EQUITYActive

GOLDMAN SACHS 279,869,264 5.1 6.7 -11.1 -11.1 -45.0 -44.9 -26.7 -13.6 0.7 08/01/2004MSCI AC WORLD ex US (GROSS) 8.1 -10.6 -10.6 -45.7 -46.2 -25.7 -12.8 0.5

THE BOSTON COMPANY 318,027,449 5.8 7.0 -10.8 -10.8 -36.3 -37.4 -22.8 -11.7 -2.8 12/01/2004MSCI AC WORLD ex US (GROSS) 8.1 -10.6 -10.6 -45.7 -46.2 -25.7 -12.8 -2.7

MONDRIAN 303,410,477 5.5 5.3 -14.5 -14.5 -40.1 -42.3 -23.9 -10.3 2.0 05/01/2004MSCI AC WORLD ex US (GROSS) 8.1 -10.6 -10.6 -45.7 -46.2 -25.7 -12.8 0.4

TRANSITION ACCOUNT INT EQUITY 16,492 0.0 06/01/2003PUTNAM INVESTMENTS 5,115 0.0 05/01/2001

BANK OF IRELAND 3,459 0.0 05/01/2001

TOTAL INTERNATIONAL EQUITY 901,332,255 16.3 6.3 -12.2 -12.2 -40.5 -41.6 -24.4 -11.9 0.0 2.7 03/01/1989MSCI AC WORLD ex US (GROSS) 8.1 -10.6 -10.6 -45.7 -46.2 -25.7 -12.8 -0.2 3.2

U.S. FIXED INCOMECore

BROWN BROTHERS HARRIMAN - CORE 318,924,552 5.8 1.0 1.9 1.9 3.8 3.1 3.5 4.5 3.6 6.5 03/01/1990CITIGROUP BIG 1.4 0.2 0.2 5.8 4.5 6.5 6.5 4.6 7.3

MortgagePYRAMIS GLOBAL ADVISORS 410,096,047 7.4 1.6 2.5 2.5 6.5 6.5 5.1 5.7 4.7 7.5 10/01/1989

BC MBS 1.4 2.2 2.2 8.6 8.1 8.0 7.6 5.6 7.3Corporates

TAPLIN, CANIDA & HABACHT 265,974,544 4.8 -0.1 -0.5 -0.5 -11.8 -11.0 -5.6 -1.7 0.0 5.1 04/01/1996BC CREDIT -0.1 -1.8 -1.8 -4.3 -5.2 -0.7 1.8 1.6 5.5

High YieldMACKAY SHIELDS, LLC 110,739,637 2.0 1.9 5.7 5.7 -18.0 -16.2 -9.9 -2.9 1.3 7.7 10/01/2002

CSFB GLOBAL HIGH YIELD 2.0 5.8 5.8 -21.0 -19.6 -11.8 -4.5 0.0 5.2TIPS

BROWN BROTHERS HARRIMAN - TIPS 443,259,308 8.0 6.0 4.8 4.8 -0.3 -0.8 6.6 6.0 5.4 06/01/2004BC U.S. TIPS 5.8 5.5 5.5 -1.8 -2.0 5.9 5.7 5.0

OtherFIXED INCOME CASH ACCOUNT 3,056,418 0.1 0.1 0.2 0.2 1.3 2.0 3.5 3.5 04/01/2007

TOTAL US FIXED INCOME 1,552,050,505 28.1 2.5 2.8 2.8 -0.8 -0.7 2.5 3.8 3.6 6.1 12/01/1992BC AGGREGATE 1.4 0.1 0.1 4.2 3.1 5.4 5.8 4.1 6.4

ALTERNATIVE INVESTMENTS

REAL ESTATE 326,136,458 5.9 -7.2 -16.3 -16.3 -17.8 -17.5 0.4 2.9 2.9 01/01/2005NPI QTR LAG + 100 BP -8.1 -7.9 -7.9 -7.1 -5.4 5.1 9.1 12.5

PRIVATE EQUITY 563,986,900 10.2 -8.4 -12.7 -12.7 -19.3 -19.6 -2.0 1.8 10.6 8.5 01/01/1989S&P 500 PLUS 300 BP 8.9 -9.5 -9.5 -32.6 -33.8 -19.4 -9.3 -1.2 11.2

TOTAL ALTERNATIVE INVESTMENTS 890,123,358 16.1 -8.0 -14.1 -14.1 -18.7 -18.8 -1.1 2.2 10.2 8.7 04/01/1996TOTAL ALTERNATIVES BENCHMARK 2.0 -8.5 -8.5 -22.9 -23.0 -10.1 -2.2 4.1

RE-BALANCING

RUSSELL IMPLEMENTATION SERVICES 136,020,653 2.5 0.5 -0.6 -0.6 -1.5 09/01/2008

CASH

CASH ACCOUNT (INSIDE) 27,498,769 0.5 07/01/2000CASH ACCOUNT (OUTSIDE) 6,991,312 0.1 07/01/2000

TOTAL PLAN 5,528,651,273 100.0 3.5 -8.3 -8.3 -27.4 -27.7 -15.1 -7.2 0.2 8.4 01/01/1984TOTAL PLAN BENCHMARK 5.9 -7.6 -7.6 -28.3 -29.0 -15.4 -7.0 -0.2

* As of 4/31/2006 Total Plan Benchmark consists of 42.5% Wilshire 5000, 20% MSCI AC World ex U.S., 25% BC Aggregate, 7.5% S&P 500 + 300 BP, 5% NCREIF Property Qtr Lag

State of Rhode IslandSummary of Performance

PERIODS ENDING March 31, 2009Rates of Return

MKT VAL % of FUND 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS ITD Incept DateDOMESTIC EQUITYIndex

SSGA S&P 500 INDEX FUND 961,375,122 17.4 -18.4 11/01/2006S&P 500 1.0 -3.2 -2.8 -5.1 -3.0 -18.5

EnhancedPIMCO 283,326,687 5.1 0.0 -4.0 -3.3 -4.8 12/01/2000

S&P 500 1.0 -3.2 -2.8 -5.1 -3.0 -4.1Active Core

SSGA - CORE 213,165,888 3.9 1.7 -1.8 -0.7 -3.4 -1.2 0.9 10/01/1998RUSSELL 1000 1.3 -2.9 -2.4 -4.9 -2.6 -0.2

WELLINGTON TECHNICAL EQUITY 125,097,861 2.3 -7.9 08/01/2007S&P 500 1.0 -3.2 -2.8 -5.1 -3.0 -28.6

Active Small CapNORTHPOINTE CAPITAL 213,572,833 3.9 3.8 -0.1 0.1 03/01/2002

RUSSELL 2000 3.8 -1.3 0.5 -1.4 1.9 -0.2

WELLINGTON MANAGEMENT CO. LLC 216,820,869 3.9 3.9 -1.5 -1.5 03/01/2002RUSSELL 2000 3.8 -1.3 0.5 -1.4 1.9 -0.2

OtherSHOTT CAPITAL 1,275,161 0.0 04/01/1999

TOTAL US EQUITY 2,014,634,420 36.4 2.2 -2.1 -1.6 -4.8 -2.5 7.1 03/01/1989DOW WILSHIRE 5000 FREE FLOAT 1.8 -2.3 -1.7 -4.6 -2.1 7.4

INTERNATIONAL EQUITYActive

GOLDMAN SACHS 279,869,264 5.1 0.7 08/01/2004MSCI AC WORLD ex US (GROSS) 7.9 3.0 1.9 -1.8 0.9 0.5

THE BOSTON COMPANY 318,027,449 5.8 -2.8 12/01/2004MSCI AC WORLD ex US (GROSS) 7.9 3.0 1.9 -1.8 0.9 -2.7

MONDRIAN 303,410,477 5.5 2.0 05/01/2004MSCI AC WORLD ex US (GROSS) 7.9 3.0 1.9 -1.8 0.9 0.4

TRANSITION ACCOUNT INT EQUITY 16,492 0.0 06/01/2003PUTNAM INVESTMENTS 5,115 0.0 05/01/2001

BANK OF IRELAND 3,459 0.0 05/01/2001

TOTAL INTERNATIONAL EQUITY 901,332,255 16.3 7.3 2.1 0.9 -2.5 0.4 2.7 03/01/1989MSCI AC WORLD ex US (GROSS) 7.9 3.0 1.9 -1.8 0.9 3.2

U.S. FIXED INCOMECore

BROWN BROTHERS HARRIMAN - CORE 318,924,552 5.8 4.2 5.3 5.3 6.2 5.7 6.5 03/01/1990CITIGROUP BIG 4.8 5.7 5.7 6.4 5.9 7.3

MortgagePYRAMIS GLOBAL ADVISORS 410,096,047 7.4 4.8 5.5 5.6 6.4 6.0 7.5 10/01/1989

BC MBS 5.3 5.8 5.9 6.6 6.2 7.3Corporates

TAPLIN, CANIDA & HABACHT 265,974,544 4.8 2.2 3.4 3.5 4.4 4.1 5.1 04/01/1996BC CREDIT 2.8 4.2 4.4 5.3 4.7 5.5

High YieldMACKAY SHIELDS, LLC 110,739,637 2.0 5.6 7.7 10/01/2002

CSFB GLOBAL HIGH YIELD 3.5 4.1 4.0 3.6 3.3 5.2TIPS

BROWN BROTHERS HARRIMAN - TIPS 443,259,308 8.0 5.4 06/01/2004BC U.S. TIPS 5.2 7.0 6.7 7.4 7.3 5.0

OtherFIXED INCOME CASH ACCOUNT 3,056,418 0.1 3.5 04/01/2007

TOTAL US FIXED INCOME 1,552,050,505 28.1 4.6 5.3 5.0 5.6 5.4 6.1 12/01/1992BC AGGREGATE 4.3 5.4 5.4 6.1 5.7 6.4

ALTERNATIVE INVESTMENTS

REAL ESTATE 326,136,458 5.9 2.9 01/01/2005NCREIF PROPERTY INDEX QTR LAG 11.2 10.6 10.2 10.4 10.5 12.5

PRIVATE EQUITY 563,986,900 10.2 12.4 8.5 7.2 4.3 7.8 8.5 01/01/1989S&P 500 PLUS 300 BP 4.5 0.4 0.8 -1.5 0.6 11.2

TOTAL ALTERNATIVE INVESTMENTS 890,123,358 16.1 11.8 8.3 7.0 4.6 6.5 8.7 04/01/1996TOTAL ALTERNATIVES BENCHMARK 7.5 4.7 4.8

RE-BALANCING

RUSSELL IMPLEMENTATION SERVICES 136,020,653 2.5 -1.5 09/01/2008

CASH

CASH ACCOUNT (INSIDE) 27,498,769 0.5 07/01/2000CASH ACCOUNT (OUTSIDE) 6,991,312 0.1 07/01/2000

TOTAL PLAN 5,528,651,273 100.0 5.3 2.2 2.0 -0.1 1.5 8.4 01/01/1984TOTAL PLAN BENCHMARK 4.9 1.8 1.9 -0.3 1.4

* As of 4/31/2006 Total Plan Benchmark consists of 42.5% Wilshire 5000, 20% MSCI AC World ex U.S., 25% BC Aggregate, 7.5% S&P 500 + 300 BP, 5% NCREIF Property Qtr Lag

State of Rhode IslandSummary of Performance

Rates of ReturnPERIODS ENDING March 31, 2009

State of Rhode IslandSUMMARY OF PERFORMANCE

PERIODS ENDING March 31, 2009RATES OF RETURN

Endnotes

Report Generated 2:13:16 PM EDT 13-Apr-2009


As of 7/1/2000: 60% S&P 500 plus 300bps / 40% NCREIF PROPERTY LAG1

Prior to 04/31/2006: 52.5% W5000/ 25.0% BC AGG / 22.5% MSCI AC WORLD FREE ex USA

As of 04/31/2006: 42.5% W5000 / 25.0% BC AGG / 20.0% MSCI AC WORLD FREE ex USA / 5.0% NCREIF PROPERTY LAG / 7.5% S&P 500 plus 300bps2

As of 01/01/1988: 48.57% Wilshire 5000 / 28.57% BC Aggregate / 22.86% MSCI AC World Free ex US3

March 31, 2009

Benchmark Market Value Transfers Market Value Market ValuePerformance Benchmark Alpha Description Performance Benchmark Alpha 2/28/2009 In/(out) 3/31/2009 Increase/decrease

Domestic Equity Shott Capital Management IRR -0.98% -11.01% 10.03% S & P 500 0.05% 8.76% -8.71% 1,274,526 - 1,275,161 635 SSgA S&P 500 -10.96% -11.01% 0.05% S & P 500 8.75% 8.76% -0.01% 883,898,386 104,286 961,375,122 77,372,450 SSgA Core -9.47% -10.45% 0.98% Russell 1000 6.92% 8.75% -1.83% 199,302,162 22,596 213,165,888 13,841,130

PIMCO -10.16% -11.01% 0.85% PIMCO 8.04% 8.76% -0.72% 262,199,892 33,936 283,326,687 21,092,859 NorthPointe Capital -13.76% -14.95% 1.19% Russell 2000 7.26% 8.93% -1.67% 199,063,380 25,116 213,572,833 14,484,337 Wellington Mgmt -13.08% -14.95% 1.87% Russell 2000 6.60% 8.93% -2.33% 203,353,347 27,636 216,820,869 13,439,886 Russell Overlay -0.59% 0.00% - 0.46% 0.00% 0.46% 71,408,970 40,000,000 136,020,653 24,611,683 Wellington Tech Eq -1.27% -11.01% 9.74% Russell 3000 3.61% 8.76% -5.15% 120,741,829 - 125,097,861 4,356,032 Transition Account N/A N/A N/A N/A N/A N/A - -

Total Domestic Equity -10.68% 7.73% 1,941,242,493 40,213,570 2,150,655,074 169,199,012

International Equity Boston Company -10.83% -10.62% -0.21% MSCI ACWI 7.01% 8.07% -1.06% 297,169,659 33,516 318,027,449 20,824,274

Goldman Sachs -11.11% -10.62% -0.49% MSCI ACWI 6.73% 8.07% -1.34% 262,204,100 33,516 279,869,264 17,631,648

Transition Account N/A N/A N/A N/A N/A N/A N/A 20,950 - 25,066 4,116

Mondrian -14.48% -10.62% -3.86% MSCI ACWI 5.27% 8.07% -2.80% 288,196,167 33,516 303,410,477 15,180,794

Total International Equity -12.18% 6.33% 847,590,876 100,548 901,332,256 53,640,832

Fidelity Management & Research 2.51% 2.20% 0.31% Lehman Mortgage Backed 1.64% 1.42% 0.22% 443,217,740 (39,981,940) 410,096,047 6,860,247

Brown Brothers, Harriman 1.88% 1.24% 0.64% Salomon Brd Inv Grade 0.96% 1.41% -0.45% 315,887,726 18,102 318,924,552 3,018,724

Taplin, Canida & Habacht -0.51% -1.78% 0.01% Lehman Credit Index -0.14% -0.07% -0.07% 266,347,220 8,232 265,974,544 (380,908)

Mackay Shields 5.74% 5.81% -0.07% CS First BosHiYield 1.89% 2.03% -0.14% 108,649,296 31,920 110,739,637 2,058,421

Brown Bros TIPS 4.83% 5.52% -0.69% Lehman US TIPS Index 5.95% 5.84% 0.11% 456,432,328 (39,970,432) 443,259,308 26,797,412

Fixed Income Cash Acct 0.22% - - 0.05% - - 3,054,796 - 3,056,418 1,622

Transition Account N/A N/A N/A N/A N/A N/A N/A - - -

Total Fixed Income 2.76% 2.45% 1,593,589,106 (79,894,118) 1,552,050,506 38,355,518

Alternative InvestmentsPrivate Equity -12.74% -9.49% -3.25% N/A -8.43% 8.86% -17.29% 608,913,575 7,269,215 563,986,900 (52,195,890)

Real Estate -16.27% -7.92% -8.35% NCREIF + 100 -7.24% -8.08% 0.84% 348,762,807 2,763,964 326,136,458 (25,390,313)

Total Alternatives -14.06% -8.00% 957,676,382 10,033,180 890,123,358 (77,586,204)

Cash AccountsCash in Trust 0.22% N/A N/A 0.05% N/A N/A 14,608,182 12,166,820 27,498,769 723,767

Cash Outside Trust 0.11% N/A N/A 0.03% N/A N/A 6,390,076 - 6,991,312 601,236

Total Cash 0.18% - - 0.05% - - 20,998,258 12,166,820 34,490,081 1,325,003

Total Plan Ex PE & RE -7.05% -7.44% 0.39% 5.95% 6.47% -0.52% 5,361,097,115 (17,380,000) 5,528,651,275 184,934,161 Total Plan -8.26% -7.56% -0.70% 3.45% 5.91% -2.46% *Policy Index: (Effective 04/31/06) 42.5% Wilshire 5000

25.0% Lehman Aggregate

20.0% MSCI ACWI X-US

5.0% NCREIF 1 Qtr Lag

7.5% S&P500 plus 300bps

Current Month

ERSRI Monthly Market Value Report With Time Weighted Returns

Valuation Change

Calendar YTD

Geo's sic report4/21/2009

1

State of Rhode IslandRATES OF RETURN - TotalPeriods Ending March 31, 2009

PERFORMANCE SUMMARY REPORT

1 Month Return Calendar YTD Return

Fund Index Excess Fund Index ExcessBenchmark Value (000)Net Flow

(000)


U.S. EQUITYSSGA S&P 500 INDEX FUND S&P 500 8.75 8.76 -0.01 -10.96 -11.01 0.05 961,375 104SSGA - CORE RUSSELL 1000 6.92 8.75 -1.83 -9.47 -10.45 0.98 213,166 72PIMCO S&P 500 8.04 8.76 -0.72 -10.16 -11.01 0.85 283,327 34NORTHPOINTE CAPITAL RUSSELL 2000 7.26 8.93 -1.67 -13.76 -14.95 1.19 213,573 53WELLINGTON MANAGEMENT CO. LLC RUSSELL 2000 6.60 8.93 -2.33 -13.08 -14.95 1.87 216,821 38SHOTT CAPITAL S&P 500 0.05 8.76 -8.71 -0.98 -11.01 10.03 1,275 0WELLINGTON TECHNICAL EQUITY S&P 500 3.61 8.76 -5.15 -1.27 -11.01 9.74 125,098 0

TOTAL US EQUITY DOW WILSHIRE 5000 FREE FLOAT 7.73 8.70 -0.97 -10.68 -10.56 -0.12 2,014,634 301

INTERNATIONAL EQUITYTHE BOSTON COMPANY MSCI AC WORLD ex US (GROSS) 7.01 8.07 -1.06 -10.83 -10.62 -0.21 318,027 34GOLDMAN SACHS MSCI AC WORLD ex US (GROSS) 6.73 8.07 -1.34 -11.11 -10.62 -0.49 279,869 29MONDRIAN MSCI AC WORLD ex US (GROSS) 5.27 8.07 -2.80 -14.48 -10.62 -3.86 303,410 34

TRANSITION ACCOUNT INT EQUITY 16 0TOTAL INTERNATIONAL EQUITY MSCI AC WORLD ex US (GROSS) 6.33 8.07 -1.74 -12.18 -10.62 -1.56 901,332 96

U.S. FIXED INCOMEPYRAMIS GLOBAL ADVISORS BC MBS 1.64 1.42 0.22 2.51 2.20 0.31 410,096 -39,982BROWN BROTHERS HARRIMAN - CORE CITIGROUP BIG 0.96 1.41 -0.45 1.88 0.24 1.64 318,925 18TAPLIN, CANIDA & HABACHT BC CREDIT -0.14 -0.07 -0.07 -0.51 -1.78 1.27 265,975 8MACKAY SHIELDS, LLC CSFB GLOBAL HIGH YIELD 1.89 2.03 -0.14 5.74 5.81 -0.07 110,740 32BROWN BROTHERS HARRIMAN - TIPS BC U.S. TIPS 5.95 5.84 0.11 4.83 5.52 -0.69 443,259 -39,970FIXED INCOME CASH ACCOUNT 0.05 0.22 3,056 0

TOTAL US FIXED INCOME BC AGGREGATE 2.45 1.39 1.06 2.76 0.12 2.64 1,552,051 -79,894

State of Rhode IslandRATES OF RETURN - TotalPeriods Ending March 31, 2009

PERFORMANCE SUMMARY REPORT

1 Month Return Calendar YTD Return

Fund Index Excess Fund Index ExcessBenchmark Value (000)Net Flow

(000)


ALTERNATIVE INVESTMENTSPRIVATE EQUITY S&P 500 PLUS 300 BP -8.43 8.86 -17.29 -12.74 -9.49 -3.25 563,987 6,725REAL ESTATE NCREIF PROPERTY LAG + 100 BPS -7.24 -8.08 0.84 -16.27 -7.92 -8.35 326,136 2,668

TOTAL ALTERNATIVE INVESTMENTS TOTAL ALTERNATIVES BENCHMARK -8.00 2.00 -10.00 -14.06 -8.50 -5.56 890,123 9,393

CASH EQUIVALENTSCASH ACCOUNT (INSIDE) 0.05 0.22 27,499 12,281CASH ACCOUNT (OUTSIDE) 0.03 0.11 6,991 599

TOTAL CASH 0.05 0.18 34,490 12,881

OTHERRUSSELL IMPLEMENTATION SERVICES 0.46 -0.59 136,021 40,000

TOTAL PLANTOTAL PLAN TOTAL PLAN BENCHMARK 3.45 5.91 -2.46 -8.26 -7.56 -0.70 5,528,651 -17,223TOTAL PLAN ex PE RE TOTAL PLAN BENCHMARK ex PE RE 5.95 6.47 -0.52 -7.05 -7.44 0.39 4,638,528 -26,616

State of Rhode IslandTOTAL PLAN

CUMULATIVE PERFORMANCE REPORT

PERIODS: March 31, 2006 - March 31, 2009Index: TOTAL PLAN BENCHMARK


STATE OF RHODE ISLANDTOTAL PLAN POOL ATTRIBUTION

1 Year Ending March 31st, 2009Value Added

Portfolio Benchmark Difference Portfolio Benchmark Difference Weighting Selection Timing

U.S. Equity 40.60 42.50 (1.90) (37.16) (37.96) 0.80 0.39 0.58

Intl Equity 19.50 20.00 (0.50) (41.55) (46.18) 4.63 0.48 1.33

U.S. Fixed Income 26.90 25.00 1.90 (0.70) 3.13 (3.83) 0.47 (0.85)

Real Estate 4.70 5.00 (0.30) (17.53) (6.46) (11.07) 0.02 (0.70)

Private Equity 8.10 7.50 0.60 (19.58) (33.76) 14.18 (0.19) 1.45

Cash 0.10 0.00 0.10 1.49 1.21 0.28 0.10 0.02Russell Implementation 0.00 0.00 (1.52) (37.42) 35.90 (0.14) 0.32Total Plan 100.00 100.00 (27.73) (28.98) 1.25 1.12 2.14 (1.49)

1 YEAR RETURNS VALUE ADDED ATTRIBUTION

Beginning Weights Returns Value Added

(1.50)

(1.00)

(0.50)

0.00

0.50

1.00

1.50

2.00

2.50

U.S. Equity Intl Equity U.S. FixedIncome

Real Estate Private Equity Cash RussellImplementation

Total Plan

Weighting Selection

Difference1.25

Total Plan(27.73)

Plan Benchmark

(28.98)

(40.00)

(30.00)

(20.00)

(10.00)

0.00

10.00

1 Month 1 Qtr 2 Qtrs 3 Qtrs 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs

Value Rank Value Rank Value Rank Value Rank Value Rank Value Rank Value Rank Value Rank Value Rank

5th Percentile -3.23 -2.44 -21.63 -26.48 -24.69 -2.27 1.96 3.68 4.03

25th Percentile -4.58 -6.54 -25.75 -29.56 -27.21 -5.07 0.82 2.78 2.91

50th Percentile -4.93 -7.27 -27.01 -31.47 -28.98 -6.25 -0.19 2.03 2.36

75th Percentile -5.64 -7.83 -28.63 -33.22 -30.95 -7.43 -0.73 1.59 2.14

95th Percentile -6.72 -10.44 -32.00 -36.91 -34.52 -9.24 -1.77 1.01 1.15

No. of Obs 23 23 22 22 22 21 21 21 21

U TOTAL PLAN -6.51 88 -8.48 84 -29.29 79 -33.18 70 -30.97 79 -7.76 82 -0.54 64 2.09 41 1.30 91

Ú TOTAL PLAN BENCHMARK -7.11 100 -10.19 95 -31.54 92 -36.06 92 -33.27 91 -8.36 87 -1.37 86 1.42 83 1.17 95

State of Rhode IslandPUBLIC FUNDS (DB) > $ 1 BILLION (SSC)

PERIOD ENDING February 28, 2009

TOTAL RETURN

Page 1 Provided by State Street Investment Analytics

-41% -41%

-35% -35%

-29% -29%

-23% -23%

-17% -17%

-11% -11%

-5% -5%

1% 1%

7% 7%

U ÚUÚ

UÚ

U

Ú

UÚ

U Ú

U Ú

U Ú U Ú



5th Percentile -6.36 -9.14 -39.47 -45.66 -43.97 -11.81 -0.47 4.55 5.16

25th Percentile -8.00 -10.94 -41.48 -49.69 -47.20 -12.41 -0.92 3.27 2.87

50th Percentile -8.53 -12.69 -44.11 -52.14 -49.24 -14.05 -1.89 1.99 2.42

75th Percentile -10.48 -13.45 -46.16 -53.73 -51.59 -16.39 -3.89 0.04 -0.21

95th Percentile -11.32 -14.98 -46.86 -55.58 -53.05 -17.76 -4.39 -1.06 -1.43

No. of Obs 10 10 10 10 10 10 9 9 9

U TOTAL INTERNATIONAL -9.40 64 -12.14 44 -40.36 12 -48.56 16 -45.86 14 -12.94 31 -1.23 44 1.88 56 0.16 74

Ú MSCI AC WORLD ex US (GROSS -9.30 63 -12.57 46 -45.36 60 -53.88 76 -51.27 64 -14.17 56 -1.65 48 2.64 31 0.58 72

State of Rhode IslandINTL EQTY POOL - PUBLIC (SSC)


TOTAL RETURN


-61% -61%

-52% -52%

-43% -43%

-34% -34%

-25% -25%

-16% -16%

-7% -7%

2% 2%

11% 11%

U ÚU Ú

U

ÚU

Ú

U

Ú

U Ú

U ÚU Ú

U Ú



5th Percentile -9.53 -14.07 -41.17 -45.60 -41.68 -14.99 -5.93 -2.49 -1.36

25th Percentile -9.94 -14.83 -41.83 -45.75 -42.23 -15.01 -6.32 -2.90 -1.94

50th Percentile -10.17 -15.39 -42.11 -46.78 -43.34 -15.56 -6.49 -3.16 -2.57

75th Percentile -10.57 -15.72 -43.43 -47.28 -43.54 -16.15 -6.92 -3.63 -2.97

95th Percentile -10.76 -16.21 -43.73 -48.47 -45.22 -16.24 -7.33 -4.42 -3.90

No. of Obs 11 11 11 11 11 11 10 9 9

U TOTAL US EQUITY -10.31 67 -14.86 26 -41.99 42 -45.97 34 -42.29 26 -15.51 42 -6.21 19 -2.49 5 -3.07 81

Ú DOW WILSHIRE 5000 FREE FLO -10.40 70 -16.30 100 -42.43 62 -46.74 50 -43.32 50 -15.19 30 -6.14 16 -2.90 25 -2.55 41

State of Rhode IslandUS EQUITY POOLS PUBLIC GT 1BILL (SSC)


TOTAL RETURN


-53% -53%

-46% -46%

-39% -39%

-32% -32%

-25% -25%

-18% -18%

-11% -11%

-4% -4%

3% 3%

U Ú

UÚ

U Ú

U Ú

U Ú

U Ú

U Ú

U Ú U Ú



5th Percentile -0.73 4.16 2.82 5.05 2.66 5.20 4.31 5.31 5.91

25th Percentile -0.90 4.10 -4.47 -4.05 -4.96 2.59 3.22 4.92 5.59

50th Percentile -1.48 3.00 -7.39 -7.67 -7.70 1.36 2.41 4.21 5.02

75th Percentile -2.35 0.45 -9.69 -10.59 -10.81 0.01 1.83 3.86 4.72

95th Percentile -10.36 -16.04 -42.05 -46.21 -42.53 -14.85 -5.96 -2.92 -1.99

No. of Obs 9 9 9 9 9 8 8 8 8

U TOTAL US FIXED INCOM -0.77 21 4.01 31 -3.43 21 -2.72 21 -3.53 21 2.63 23 3.24 23 4.79 34 5.11 45

Ú BC AGGREGATE -0.38 5 2.43 54 1.88 8 2.68 10 2.06 7 4.95 7 4.00 11 4.90 27 5.61 25

State of Rhode IslandUS FIXED INC POOL PUBLIC GT 1 BILL (SSC)


TOTAL RETURN


-51% -51%

-43% -43%

-35% -35%

-27% -27%

-19% -19%

-11% -11%

-3% -3%

5% 5%

U Ú

UÚ

U

Ú

U

Ú

U

Ú UÚ

U ÚU Ú U Ú

State of Rhode IslandTOTAL PLAN

RISK VS. RETURN

March 31, 2004 - March 31, 2009Benchmark: TOTAL PLAN BENCHMARK


RISK INFORMATION RISK STATISTICS

Portfolio ReturnBenchmark ReturnReturn DifferencesPortfolio Standard DeviationBenchmark Standard DeviationTracking Error

Historic BetaR-squaredJensen's AlphaSharpe RatioTreynor RatioInformation Ratio

0.920.15-0.180.33

10.5711.431.71

0.980.05

-0.29-3.340.20

State of Rhode IslandMANAGER ALLOCATION ANALYSIS

CURRENT MANAGER ALLOCATION



CURRENTPERIOD

ONE YEARAGOMANAGER

SSGA S&P 500 INDEX FUND 961.4 1,547.9

PIMCO 283.3 482.5

WELLINGTON MANAGEMENT CO. LLC 216.8 363.6

NORTHPOINTE CAPITAL 213.6 328.7

SSGA - CORE 213.2 331.3

SHOTT CAPITAL 1.3 1.0

WELLINGTON TECHNICAL EQUITY 125.1 148.9

TOTAL 2,014.7 3,203.9





CURRENTPERIOD

ONE YEARAGOMANAGER

BROWN BROTHERS HARRIMAN - TIPS 443.3 607.3

PYRAMIS GLOBAL ADVISORS 410.1 506.1

FIXED INCOME CASH ACCOUNT 3.1 269.8

TAPLIN, CANIDA & HABACHT 266.0 298.7

BROWN BROTHERS HARRIMAN - CORE 318.9 309.1

MACKAY SHIELDS, LLC 110.7 131.8

TRANSITION ACCOUNT FIXED INCOME 0.6

TOTAL 1,552.1 2,123.4





CURRENTPERIOD

ONE YEARAGOMANAGER

GOLDMAN SACHS 279.9 508.1

MONDRIAN 303.4 525.9

THE BOSTON COMPANY 318.0 507.8

TRANSITION ACCOUNT INT EQUITY 0.0 0.0

TOTAL 901.3 1,541.8

ASSET ALLOCATION

Style DifferenceMandate (Millons $)

Domestic Equity SSgA S&P 500 Index Fund Passive 961.38 17.39% 1,130.61 20.45% (169.23)SSgA Core Active core 213.17 3.86% 248.79 4.50% (35.62)PIMCO Enhanced Equity 283.33 5.12% 356.60 6.45% (73.27)NorthPointe Capital Small Cap Value 213.57 3.86% 276.43 5.00% (62.86)Wellington Mgmt Small Cap Core 216.82 3.92% 304.08 5.50% (87.25) Wellington Technical Equity Tactical Equity 125.10 2.26% 33.17 0.60% 91.93

Shott Capital Alternative Distribution 1.28 0.02% 0.00 0.00% 1.28TOTAL DOMESTIC EQUITY 2,014.64 36.44% 2,349.68 42.50% (335.04)International Equity

Boston Company MSCI ACWI 318.03 5.75% 368.76 6.67% (50.73)Goldman Sachs MSCI ACWI 279.87 5.06% 368.76 6.67% (88.89)

Mondrian MSCI ACWI 303.41 5.49% 368.21 6.66% (64.80) Transition Account 0.02 0.00% 0.00 0.00% 0.02

TOTAL INT'L EQUITY 901.33 16.30% 1,105.73 20.00% (204.40)Domestic Fixed Income

Pyramis Global Advisors Mortgages 410.10 7.42% 345.54 6.25% 64.56Brown Brothers, Harriman Opportunistic Core 318.93 5.77% 207.32 3.75% 111.60Taplin, Canida & Habacht Corporates 265.98 4.81% 207.32 3.75% 58.65Mackay Shields High yield 110.74 2.00% 103.66 1.88% 7.08Brown Brothers, Harriman TIPS TIPS 443.26 8.02% 414.65 7.50% 28.61Fixed Income Cash Account 3.06 0.06% 0.00 0.00% 3.06

TOTAL FIXED-INCOME 1,552.05 28.07% 1,382.16 25.00% 169.89Alternative Investments

Real Estate Real Estate 326.14 5.90% 276.4 5.00% 49.7 Pacific Corp Group Private Equity 563.99 10.20% 414.65 7.50% 149.3

TOTAL ALTERNATIVE INVESTMENTS 890.12 16.10% 691.08 12.50% 199.04Cash CASH EQUIVALENTS STIF, Yield+ 34.49 0.62% 0.00 0.00% 34.49Other OTHER - Russell Implementation Services 136.02 2.46% 0.00 0.00% 136.02

TOTAL ASSETS 5,528.65 100.00% 5,528.65 100.00% 0.00

Domestic Equity Core 338.26 6.12% 281.96 4.50% 56.30 Index 961.38 17.39% 1,130.61 17.75% (169.23) Enhanced Equity 283.33 5.12% 356.60 6.75% (73.27) Active Small Cap 430.39 7.81% 580.51 13.50% (150.11)

TOTAL DOMESTIC EQUITY 2,014.64 36.44% 2,349.68 42.50% (335.04)International Equity

Active 901.33 16.30% 1,105.73 20.00% (204.40)

TOTAL INT'L EQUITY 901.33 16.30% 1,105.73 20.00% (204.40)Domestic Fixed Income

Mortgage 410.10 7.42% 345.54 6.25% 64.56 Core 318.93 5.77% 207.32 3.75% 111.60 Corporates 265.98 4.81% 207.32 3.75% 58.65 High Yield 110.74 2.00% 207.32 3.75% (96.58)TIPS 443.26 8.02% 414.65 7.50% 28.61Other 3.06 0.06% - 0.00% 3.06

TOTAL FIXED-INCOME 1,552.05 28.07% 1,382.16 25.00% 169.89Alternative Investments

Real Estate 326.14 5.90% 276.43 5.00% 49.70 Other Alternative Investments 563.99 10.20% 414.65 7.50% 149.34

TOTAL ALTERNATIVE INVESTMENTS 890.12 16.10% 691.08 12.50% 199.04Cash CASH EQUIVALENTS STIF, Yield+ 34.49 0.62% 0.00 0.00% 34.49Other OTHER - Russell Implementation Services 136.02 2.46% 0.00 0.00% 136.02

TOTAL ASSETS 5,528.65 100.00% 5,528.65 100.00% 0.00

(Millions $) (Millions $)

ALLOCATION BY MANAGEMENT STYLE

ASSET ALLOCATION REPORTMarch 31st, 2009

Actual Target

State of Rhode IslandAsset Allocation

3/31/2009

US Equity36.4%

Fixed Income28 1%

Real Estate5.9% Private Equity

10.2%

Cash0.6%

Allocation*

US Equity42.5%

Fixed Income25.0%

Real Estate5.0% Private

Equity7.5%

Cash0.0%

Target Policy

Allocation* Policy DifferenceUS Equity 36.4 42.5 -6.1Russell Implementation 2.5 0.0 2.5International Equity 16.3 20.0 -3.7Fixed Income 28.1 25.0 3.1Real Estate 5.9 5.0 0.9Private Equity 10.2 7.5 2.7Cash 0.6 0.0 0.6

Total Fund 100.0 100.0 0.0

* End of Period Weights

Weights

Allocation vs. Target Policy

US Equity36.4%

Russell Implementation

2.5%

International Equity16.3%

Fixed Income28.1%

Real Estate5.9% Private Equity

10.2%

Cash0.6%

Allocation*

US Equity42.5%

Russell Implementation

0.0%

International Equity20.0%

Fixed Income25.0%

Real Estate5.0% Private

Equity7.5%

Cash0.0%

Target Policy

Historical Asset AllocationState of Rhode Island

March 31, 2009

Implementation

Implementation

Intl Equity

Intl EquityIntl Equity

Intl Equity Intl Equity

Fixed Income

Fixed Income

Fixed Income

Fixed IncomeFixed Income

Real EstateReal Estate

Real EstateReal Estate Real Estate

Private Equity Private Equity Private Equity Private Equity Private EquityCash Cash Cash Cash Cash

40%

50%

60%

70%

80%

90%

100%

% o

f Ass

ets

Target Current 1 Yr Ago 3 Yrs Ago 5 Yrs Ago

US Equity 42.5% 36.4% 40.6% 45.4% 46.4%Implementation 0.0% 2.5% 0.0% 0.0% 0.0%Intl Equity 20.0% 16.3% 19.5% 23.1% 23.0%Fixed Income 25.0% 28.1% 26.9% 22.5% 24.4%Real Estate 5.0% 5.9% 4.7% 2.7% 0.3%Private Equity 7.5% 10.2% 8.1% 5.4% 5.3%Cash 0.0% 0.6% 0.1% 0.8% 0.6%

US EquityUS Equity

US EquityUS Equity US Equity

Implementation

0%

10%

20%

30%

EquitiesRANK SECURITY NAME PAR VALUES/SHARES BASE MARKET AMOUNT MONEY MANAGERS

1 EXXON MOBIL CORP 181,370 12,351,297.00 SSgA2 INTERNATIONAL BUSINESS MACHS 78,500 7,605,865.00 SSgA3 TIVO INC 986,100 6,942,144.00 Wellington Mgt.4 PROCTER AND GAMBLE CO 138,100 6,503,129.00 SSgA5 WAL MART STORES INC 123,700 6,444,770.00 SSgA6 ORACLE CORP 335,600 6,064,292.00 SSgA7 CHEVRON CORP 88,800 5,970,912.00 SSgA8 INTEL CORP 383,600 5,773,180.00 SSgA9 RED HAT INC 314,100 5,603,544.00 Wellington Mgt.

10 KNIGHT CAP GROUP INC 373,000 5,498,020.00 Northpointe, SSgA

10.61% 68,757,153.00$

Total Composite Equities 647,756,818.06$

International Equity Holdings By Top 10 Market Values

International EquitiesRANK SECURITY NAME PAR VALUES/SHARES BASE MARKET AMOUNT MONEY MANAGERS

1 TOTAL SA 456,926 22,704,280.71$ Mondrian, Boston, GS2 BP PLC 2,443,219 16,511,880.46$ Mondrian, Boston3 NOVARTIS AG 435,160 16,487,131.44$ Mondrian, Boston, GS4 GLAXOSMITHKLINE 976,637 15,223,512.95$ Mondrian, Boston5 SANOFI AVENTIS 270,333 15,211,081.17$ Boston, GS6 ROYAL DUTCH SHELL 648,675 14,580,895.12$ Mondrian, Boston, GS7 UNILEVER PLC 736,963 13,922,381.69$ Mondrian, Boston8 CARREFOUR 319,755 12,481,441.41$ Mondrian, Boston9 RWE AG (NEU) 170,073 11,924,813.83$ Mondrian, Boston, GS

10 CANON INC 397,778 11,357,031.08$ Mondrian, Boston, GS

16.78% 150,404,449.86$

Total Composite International Equities 896,478,398.23$

Top 10 Market Values SIC

RHODE ISLAND STATE INVESTMENT COMMISSIONDomestic Equity Holdings By Top 10 Market Values

Separately Managed

March 31, 2009

FISCAL YEAR 2009 INVESTMENT MANAGER FEES, PROFESSIONAL FEES & OPERATING EXPENSES

ERSRI & MERSRI ACCRUAL BASIS

Actual Actual Actual Actual Actual Actual Actual Actual Actural Projected Projected Projected ProjectedJul 08 Aug Sept Oct Nov Dec Jan 09 Feb Mar Apr May Jun TOTAL

EQUITIES

SSgA Core ZU99/ZU76 260,984 259,816 239,756 222,371 982,927 SSgA Russell 1000/S&P ZU14 35,288 40,981 66,927 32,408 175,604 Shott Capital ZU49 421 5 460 2,718 3,604 PIMCO ZU55 0 0 1,000 225,000 226,000 Wellingtoon Mgmt ZU38 552,688 467,084 600,645 679,274 2,299,692Wellington Tech Eq ZU04 348,739 292,948 333,783 126,713 1,102,182 NorthPointe ZU47 477,596 368,146 503,070 589,850 1,938,661

1,675,715 1,428,979 1,745,641 1,878,334 6,728,670

FIXED INCOME Brown Bros. ZU69 146,129 142,889 147,283 129,732 566,034 Fidelity ZU46 164,854 156,534 164,535 148,636 634,559 Taplin ZU84 181,184 170,185 191,949 169,909 713,228 Mackay Shields ZU59 143,587 128,557 145,994 147,848 565,986 Brown Bros.TIPS ZU44 149,341 145,060 148,967 136,883 580,251

785,095 743,225 798,728 733,008 3,060,057

INT'L EQUITIES

The Boston Co ZU77 468,563 415,036 526,042 551,739 1,961,380 Mondrian ZU67 254,861 231,080 304,892 316,283 1,107,116 Goldman Sachs Asset MgZU25 384,863 259,954 432,913 499,383 1,577,113 SSgA MSCI ACWI ZU14 140,497 16,671 0 0 157,168

0 1,248,784 0 922,741 1,263,847 1,367,405 4,802,777

REAL ESTATE 0

L & B Real Estate ZU79 0 154,023 98,031 39,601 0 159,603 378,902 159,603 95,689 180,637 213,729 114,312 1,594,129 ALTERNATIVE INVESTMENTS Other Alt Inv Mgmt FeeZU32 1,632,815 444,364 633,700 243,709 80,031 1,076,671 1,129,056 146,891 544,404 422,507 425,855 768,471 7,548,474

SUB TOTAL-INV MGMT FEES 1,632,815 598,387 4,441,325 283,310 80,031 4,331,218 1,507,958 306,494 4,448,310 603,144 639,583 4,861,530 23,734,107

PROFESSIONAL FEES

Legal 2,746 2,681 8,444 6,220 6,701 16,670 6,000 250 1,304 3,075 9,677 17,791 81,559 St St Bank Custodial 18,888 15,412 16,951 19,255 2,552 2,678 22,161 11,543 12,333 12,887 1,563 12,861 149,084 Pacific Corp Group ZU76 93,750 0 93,750 0 0 0 93,750 0 0 93,750 0 375,000 PCA/Wilshsire/Russell 20,161 14,583 40,739 0 14,583 94,471 14,583 14,583 17,500 20,833 20,833 20,833 293,703 Townsend 0 0 35,625 0 0 35,625 0 0 35,625 0 15,000 35,625 157,500

41,796 126,426 101,759 119,225 23,836 149,444 42,744 120,126 66,762 36,795 140,823 87,110 1,056,846OPERATING EXPENSE Retirement Transfers 312,688 431,063 457,333 804,721 483,883 413,584 418,351 443,340 430,000 446,640 607,644 950,000 6,199,247 Other Expense 0 3,097 11,650 0 10,250 6,250 21,497 22,425 6,250 0 6,250 5,400 93,069

312,688 434,159 468,983 804,721 494,133 419,834 439,848 465,765 436,250 446,640 613,894 955,400 6,292,316

TOTAL: 1,987,299 1,158,972 5,012,067 1,207,256 598,000 4,900,496 1,990,551 892,385 4,951,322 1,086,579 1,394,301 5,904,040 31,083,269

Note: Numbers in bold are actual. -2- EXPENS09

State of Rhode Island Unfunded CommitmentsMarch 2009

Partnership Investment Total CommitmentERSRI Remaining

Commitment

Alta BioPhama Partners III 15,000,000.00$ 3,000,000.00$ Alta Partners VIII 15,000,000.00$ 8,250,000.00$ Apollo Investment Fund IV 15,000,000.00$ 41,434.00$ Apollo Investment Fund VI 20,000,000.00$ 1,717,338.62$ Apollo VII 25,000,000.00$ 18,950,454.00$ Aurora Equity Partners II** 15,000,000.00$ 38,917.00$ Aurora Equity Partners III** 15,000,000.00$ 4,736,303.00$ Avenue Special Situations Fund III 15,000,000.00$ -$ Avenue Special Situations Fund IV 20,000,000.00$ 4,072,723.00$ Avenue V 20,000,000.00$ 6,460,335.00$ Bain X 25,000,000.00$ 18,687,500.00$ Birch Hill Equity Partners III* 14,283,000.00$ 2,867,161.27$ Blackstone Capital Partners III ** 20,000,000.00$ 924,045.00$ Blackstone Capital Partners IV ** 25,000,000.00$ 4,252,325.00$ Blackstone Capital Partners V** 20,000,000.00$ 4,245,892.00$ Castile III 5,000,000.00$ 2,550,000.00$ Catterton Partners V 15,000,000.00$ 865,653.00$ Catterton Partners VI 15,000,000.00$ 5,986,233.00$ Centerbridge 15,000,000.00$ 5,088,539.00$ Charterhouse Capital Partners VII* 19,875,000.00$ 2,735,973.37$ Charterhouse Capital Partners VIII* 19,875,000.00$ 5,009,373.98$ Coller International Capital IV** 15,000,000.00$ 2,400,000.00$ Coller International Capital V 15,000,000.00$ 8,737,500.00$ Constellation III 15,000,000.00$ 10,770,000.00$

Crossroads Providence (Prov. Liquiding Trust) 45,000,000.00$ -$ CVC European Equity Partners lll* 20,000,000.00$ 1,116,696.75$ CVC European Equity Partners IV* 21,862,500.00$ 3,068,183.93$ CVC V 26,500,000.00$ 23,398,353.33$ Fenway Partners Capital Fund II 15,000,000.00$ 913,192.00$ Fenway Partners Capital Fund III 15,000,000.00$ 5,235,663.00$ First Reserve Fund VIII 15,000,000.00$ -$ First Reserve Fund IX -$ First Reserve Fund X 20,000,000.00$ 1.63$ First Reserve Fund XI 20,000,000.00$ 5,559,552.44$ Focus Ventures III 15,000,000.00$ 6,300,000.00$ Granite Global Ventures II 15,000,000.00$ 675,000.00$ Granite Global Ventures III 15,000,000.00$ 9,000,000.00$ Green Equity Investors IV 15,000,000.00$ 388,387.63$ Green Equity Investors V 20,000,000.00$ 14,459,917.72$ Harvest Partners III 15,000,000.00$ 368,726.61$ Heritage Fund II 5,000,000.00$ -$ Kayne Anderson Energy Fund III 15,000,000.00$ 4,946,800.10$ Kayne Anderson Energy Fund IV 15,000,000.00$ 10,350,000.53$ Leapfrog Ventures II 10,000,000.00$ 3,625,000.00$ Leeds Weld Equity Partners IV 10,000,000.00$ 107,371.39$ Lehman Bros IV 15,000,000.00$ 11,096,846.71$ Lighthouse Capital Partners V 11,250,000.00$ 787,500.00$ Lighthouse Capital Partners VI 15,000,000.00$ 3,374,999.99$ LNK Partners 12,500,000.00$ 6,783,971.78$

Matlin Patterson Glb. Opp. Fund (CSFB) 15,000,000.00$ -$ MHR Institutional Partners III 20,000,000.00$ 7,789,323.00$ Nautic Partners V 20,000,000.00$ 1,405,849.50$

4/16/2009 sic422altunfunded

State of Rhode Island Unfunded CommitmentsMarch 2009

Partnership Investment Total CommitmentERSRI Remaining

Commitment

Nautic Partners VI 20,000,000.00$ 13,745,965.82$ Nordic Capital Fund III* 9,700,800.00$ 163,403.55$ Nordic Capital Fund V* 19,365,603.75$ 92,904.04$ Nordic Capital Fund VI* 19,875,000.00$ 394,525.44$ Nordic VII 19,875,000.00$ 16,036,579.24$ OCM Opportunities Fund 8,000,000.00$ -$ OCM Opportunities Fund II 12,000,000.00$ -$ OCM Principal Opportunities Fund 5,000,000.00$ -$ Paladin 3 10,000,000.00$ 7,065,349.00$ Parthenon Investors 15,000,000.00$ -$ Parthenon Investors ll 20,000,000.00$ 1,126,735.00$ Perseus VII 15,000,000.00$ 7,958,543.00$ Point 406 10,000,000.00$ 5,720,000.00$ Point Judith II 5,000,000.00$ 2,942,210.77$ Providence Equity Partners* * 10,000,000.00$ -$ Providence Equity Partners III 15,000,000.00$ 1,914,365.51$ Providence Equity Partners IV 25,000,000.00$ 386,571.00$ Providence Equity Partners V 25,000,000.00$ 2,275,602.00$ Providence Equity Partners VI 25,000,000.00$ 12,678,431.00$ SKM Equity Fund II** 10,000,000.00$ 1,729,834.00$ Thomas McNerney & Partners 15,000,000.00$ 2,400,000.00$ Thomas McNerney & Partners 2 15,000,000.00$ 9,525,000.00$ TPG Partners II 10,000,000.00$ 308,515.00$ TPG Partners IV 15,000,000.00$ 1,273,193.00$ TPG Partners V 20,000,000.00$ 5,871,393.00$ TPG VI 20,000,000.00$ 18,880,386.00$ VS&A Communication Partners III 15,000,000.00$ 7,978.00$ W Capital Partners 15,000,000.00$ 1,368,000.00$ W Capital Partners II 15,000,000.00$ 8,587,500.00$ WLR 8,000,000.00$ 4,759,247.00$

Washington & Congress Capital Partners** 15,000,000.00$ 305,637.24$ Wellspring Capital Partners II 15,000,000.00$ -$ Wellspring Capital Partners III 20,000,000.00$ 649,614.00$ Wellspring Capital Partners IV 20,000,000.00$ 7,036,281.00$ Willis Stein & Partners 5,000,000.00$ -$

Total Alternative Investments 1,392,961,903.75$ 378,342,801.89$

* transactions occur in foreign currency** fees NOT affecting unfunded commitment

-

4/16/2009 sic422altunfunded

State of Rhode Island Unfunded Committments-Real EstateMarch 2009

Real Estate Partnership Investment Total CommitmentERSRI Remaining

Commitment

Fillmore East Fund I 10,000,000.00$ 0.08$ Fremont Strategic Property Partners II 15,000,000.00$ 1,085,273.00$ GMAC Commerical Realty Partners II 15,000,000.00$ 2,155,117.00$ Heitman Advisory Corporation -$ JPMorgan Fleming Asset Mgmt. Strat. Prop. 50,000,000.00$ -$ JPMorgan Alternative Property Fund 20,000,000.00$ -$ LaSalle Income & Growth Fund IV 15,000,000.00$ 397,937.57$ L&B Real Estate Counsel -$ Magna Hotel 4,000,000.00$ 3,329,506.00$ Morgan Stanley Prime Property Fund 35,000,000.00$ -$ Prudential Real Esate Investors (PRISA) 50,000,000.00$ -$ Prudential Real Esate Investors (PRISA) II 15,000,000.00$ 2,702,362.55$ RREEF America REIT II Fund 35,000,000.00$ -$ Starwood Hospitality Fund I 10,000,000.00$ 1,190,000.00$ TA Realty Fund VIII 15,000,000.00$ 375,000.00$ Tri Continential Fund VII 15,000,000.00$ 1,071,256.71$ Walton Street Real Estate Fund V 20,000,000.00$ 0.18$ Westbrook Real Estate Fund VI 15,000,000.00$ -$ Westbrook Real Estate Fund VII 15,000,000.00$ 6,363,636.00$

Total Real Estate Investments 354,000,000.00$ 18,670,089.09$

4/7/2009 sic422realestateunfunded

CASH FLOW

CASH FLOW ANALYSIS - INCOME & EXPENSES

Employees Retirement System

FISCAL YEAR 2009 FY 2008-09Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected ProjectedJuly August September October November December January February March April May June TOTAL2008 2009

MEMBER BENEFITS 57,282,256 58,826,989 58,826,615 60,515,062 58,795,680 60,497,759 61,801,389 61,978,079 61,959,280 58,000,000 58,000,000 58,000,000 714,483,109

ADMINISTRATIVE 339,779 339,513 503,815 797,732 529,312 425,994 411,255 391,033 424,138 407,974 641,541 462,197 5,674,285EXPENSES

INVESTMENT 1,383,055 506,539 619,415 239,522 67,616 1,133,736 1,272,407 1,272,279 539,724 511,398 542,176 748,052 8,835,920EXPENSES

TOTAL OUTFLOW 59,005,091 59,673,041 59,949,846 61,552,315 59,392,609 62,057,488 63,485,052 63,641,392 62,923,142 58,919,373 59,183,717 59,210,249 728,993,314

CONTRIBUTIONS 51,338,466 30,225,420 30,166,263 35,094,098 56,872,505 47,797,867 36,600,607 59,404,144 47,351,474 50,541,113 49,746,039 46,722,223 541,860,219

OTHER INCOME* 3,158,335 2,555,511 8,931,581 1,387,882 2,384,334 810,209 3,801,160 1,258,126 1,726,255 5,353,647 2,436,587 4,336,772 38,140,399

TOTAL INCOME 54,496,801 32,780,931 39,097,844 36,481,980 59,256,839 48,608,076 40,401,767 60,662,270 49,077,729 55,894,760 52,182,626 51,058,995 580,000,618

DIFFERENCE (4,508,290) (26,892,110) (20,852,001) (25,070,335) (135,770) (13,449,413) (23,083,285) (2,979,122) (13,845,413) (3,024,613) (7,001,091) (8,151,254) (148,992,695)

Municipal Employees Retirement System

Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected ProjectedJuly August September October November December January February March April May June TOTAL2008 2009

MEMBER BENEFITS 4,770,894 4,875,073 4,891,449 4,897,404 4,918,953 4,911,402 5,005,800 5,162,921 5,228,275 4,900,000 4,900,000 4,900,000 59,362,171

ADMINISTRATIVE 57,009 57,172 84,839 135,302 90,085 72,656 70,505 67,060 72,984 68,100 107,195 77,374 960,281EXPENSES

INVESTMENT 232,052 85,298 104,305 40,625 11,508 193,366 218,139 218,190 92,873 85,364 90,592 125,228 1,497,540EXPENSES

TOTAL OUTFLOW 5,059,955 5,017,543 5,080,594 5,073,331 5,020,546 5,177,424 5,294,444 5,448,171 5,394,132 5,053,464 5,097,787 5,102,602 61,819,993

CONTRIBUTIONS 4,031,169 3,812,600 3,564,788 4,920,264 5,245,873 4,470,884 5,856,987 5,267,609 4,926,208 6,870,013 4,927,100 5,422,967 59,316,462

OTHER INCOME* 529,911 430,331 1,504,020 235,397 405,794 138,187 651,664 215,762 297,046 893,644 407,129 725,998 6,434,884

TOTAL INCOME 4,561,080 4,242,931 5,068,808 5,155,661 5,651,667 4,609,071 6,508,651 5,483,371 5,223,254 7,763,657 5,334,229 6,148,965 65,751,346

DIFFERENCE (498,874) (774,611) (11,786) 82,330 631,121 (568,354) 1,214,207 35,200 (170,878) 2,710,193 236,442 1,046,363 3,931,354

CASH FLOW ANALYSIS - INCOME & EXPENSES

Judges/State PoliceRetirement System Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected Projected

July August September October November December January February March April May June TOTAL2008 2009

MEMBER BENEFITS 73,502 73,502 73,502 80,750 73,502 73,502 109,179 106,978 106,709 75,000 75,000 75,000 996,128

ADMINISTRATIVE 4,350 4,390 6,515 10,537 7,099 5,764 5,628 5,375 5,891 5,092 8,064 5,872 74,576EXPENSES

INVESTMENT 17,708 6,550 8,010 3,164 907 15,339 17,412 17,489 7,496 6,383 6,815 9,503 116,776EXPENSES

TOTAL OUTFLOW 95,561 84,443 88,027 94,450 81,508 94,604 132,219 129,843 120,095 86,474 89,879 90,375 1,187,479

CONTRIBUTIONS 455,000 410,000 468,000 710,000 455,000 410,000 260,000 420,000 430,000 535,000 730,000 470,000 5,753,000

OTHER INCOME* 40,438 33,047 115,499 18,332 31,977 10,962 52,016 17,295 23,975 66,817 30,628 55,094 496,078

TOTAL INCOME 495,438 443,047 583,499 728,332 486,977 420,962 312,016 437,295 453,975 601,817 760,628 525,094 6,249,078

DIFFERENCE 399,877 358,604 495,471 633,881 405,469 326,357 179,797 307,452 333,879 515,343 670,749 434,719 5,061,599

*includes income from Real Estate Investments, Private Equity, Securities Lending, and Cash Accounts,

Rhode Island Employees Retirement System

Investment Manager Fund Income Average Collateral Balance

Domestic Equity

Rhode Island Employees Retirement SystemSecurities Lending Income

March 31, 2009

Wellington Terminal Equity ZU04 171.35$ 190,013.57$ Wellington Mgmt. Co., LLP ZU38 2,390.73$ 3,141,565.45$ Northpointe Capital ZU47 6,493.84$ 5,499,375.62$ Mackay Shields ZU59 1,144.03$ 1,643,132.45$ SSgA Core ZU99 1,091.60$ 1,672,632.30$

Total Domestic Equity $11,291.55 $12,146,719.39

International EquityG ld S h ZU25 3 059 53$ 3 572 608 94$Goldman Sachs ZU25 3,059.53$ 3,572,608.94$ Delaware Investment Advisors ZU67 1,825.03$ 2,519,977.63$ The Boston Company ZU77 3,547.99$ 4,504,758.05$

Total International Equity $8,432.55 $10,597,344.62

Fixed IncomeBrown Brothers, Harriman ZU44 3,915.41$ 7,294,708.13$ Fidelity Management Trust Company ZU46 6,052.53$ 21,328,413.06$ Brown Brothers Harriman ZU69 38 637 30$ 67 077 502 24$Brown Brothers, Harriman ZU69 38,637.30$ 67,077,502.24$ Taplin, Canida & Habacht ZU84 422.81$ 675,878.31$

Total Fixed Income $49,028.05 $96,376,501.74

Total Securities Lending Income $68,752.15 $119,120,565.75

Cumulative Securities Lending IncomeCalendar Year 2007 $3,977,087.74$ , ,

Calendar Year 2008 $9,449,893.21

Calender Year 2009 $1,559,442.66

$1 000 000 00

$1,200,000.00

Monthly Earnings

$

$200,000.00

$400,000.00

$600,000.00

$800,000.00

$1,000,000.00

$1,200,000.00

Monthly Earnings

Earnings

$‐

$200,000.00

$400,000.00

$600,000.00

$800,000.00

$1,000,000.00

$1,200,000.00

Monthly Earnings

Earnings

SHORT TERM INVESTMENTS

RI SIC GUIDELINE COMPLIANCE REPORT

INVESTMENTS AS OF:

March 31, 2009

CP0%

CD19%

Agency0%

Money Mkt38%

PIP43%

Repo0%

Bank RI4.59%



Fidelity23.70%

BlackRock0.13%

Wells Fargo0.08%

Citizens Bank27.43%

Webster Bank19.47%

REPO = Repurchase AgreementCP = Commercial PaperCD = Certificate of DepositCoD = Collateralized DepositAgency = US Government Agency

Vendor CP CD Agency Money Mkt PIP Repo Total ($)Guidelines-Total/Vendor 25%/10% 50%/20% 75%/35% 75%/35% 50%/20% 100%/20%Bank RI 0 0 0 0 17,000,000 0 17,000,000

0% 0% 0% 0% 0% 0% 4.59%Sovereign Bank 0 40,030,708 0 0 0 0 40,030,708

0% 11% 0% 0% 0% 0% 10.80%JP Morgan Chase 0 0 0 0 0 0 0

0% 0% 0% 0% 0% 0% 0.00%Federated Investors 0 0 0 51,147,222 0 0 51,147,222

0% 0% 0% 14% 0% 0% 13.80%Fidelity 0 0 0 87,813,933 0 0 87,813,933

0% 0% 0% 24% 0% 0% 23.70%BlackRock 0 0 0 500,000 0 0 500,000

0% 0% 0% 0% 0% 0% 0.13%Wells Fargo 0 0 0 305,737 0 0 305,737

0% 0% 0% 0% 0% 0% 0.08%Citizens Bank 0 30,533,173 0 0 71,091,847 0 101,625,020

0% 8% 0% 0% 19% 0% 27.43%GE Capital 0 0 0 0 0 0 0

0% 0% 0% 0% 0% 0% 0.00%Webster Bank 0 0 0 0 72,130,819 0 72,130,819

0% 0% 0% 0% 19% 0% 19.47%Columbia Funds 0 0 0 0 0 0 0

0% 0% 0% 0% 0% 0% 0.00%US Bank 0 0 0 0 0 0 0

0% 0% 0% 0% 0% 0% 0.00%The Reserve 0 0 0 0 0 0 0

0% 0% 0% 0% 0% 0% 0.00%TOTALS 0 70,563,881 0 139,766,891 160,222,666 0 370,553,437

(%) PORTFOLIO 0.00% 19.04% 0.00% 37.72% 43.24% 0.00% 100.00%

Note: PIP + CD must be under 75%. 62.28%

Note: Maximum participation by any one vendor limited to 35% of total portfolio.

Acutal PIP + CD:

CP0%

CD19%

Agency0%

Money Mkt38%

PIP43%

Repo0%

Bank RI4.59%



Fidelity23.70%

BlackRock0.13%

Wells Fargo0.08%

Citizens Bank27.43%

Webster Bank19.47%

Principal Interest TV @ Maturity

4901 GENERAL FUND 147,024,293.42$ 34,000.00$ 147,058,293.42$ 4916 H.A.V.A 291.65$ -$ 291.65$ 4918 RICAP GL FUND 21 911,369.84$ -$ 911,369.84$ 4920 GENERAL FUND (HIST PRES) 533,172.99$ 270.88$ 533,443.87$ 4955 HEALTH INSURANCE FUND 20,783,451.40$ 5,765.46$ 20,789,216.86$ 4956 STATE FLEET REVOLV LN FND 4,941,138.61$ -$ 4,941,138.61$ 4957 RET STATE EMPL HLTH FUND 5,406,100.21$ -$ 5,406,100.21$ 4958 BOG RETIRE HEALTH FUND 556,918.16$ -$ 556,918.16$ 4959 RIPTA HEALTH FUND 1,755,357.49$ -$ 1,755,357.49$ 4961 TEACHER RETIREE HLTH FUND 801,123.02$ -$ 801,123.02$ 5400 HIGHWAY FUND 26,335,698.77$ 5,765.46$ 26,341,464.23$ 5500 UNIVERSITY COLLEGE 802,353.54$ -$ 802,353.54$ 6200 ASSESSED FRINGE BEN ADM 7,979,864.25$ -$ 7,979,864.25$ 6920 AUTO EQUIPMENT SERVICE 1,001,436.35$ -$ 1,001,436.35$ 8000 T.D.I. RESERVE (DET) 84,726,243.58$ 23,026.48$ 84,749,270.06$ 8300 PERMANENT SCHOOL FUND 1,517,152.57$ -$ 1,517,152.57$ 8400 EMPLOYEES RETIREMENT 2,035,839.00$ -$ 2,035,839.00$ 8500 MUNICIPAL EMPLOYEES RET. 331,927.07$ -$ 331,927.07$ 8700 R.I. CLEAN WATER ACT 1,735,813.36$ -$ 1,735,813.36$ 9000 BOND CAPITAL FUND 18,332,967.51$ -$ 18,332,967.51$ 9700 STATE LOTTERY FUND 39,923,273.05$ 11,530.91$ 39,934,803.96$ 9800 INDUS. BLDG. & MTG. INS. 3,117,651.60$ -$ 3,117,651.60$

Subtotal $370,553,437.44 $80,359.19 $370,633,796.63

8703 CLEAN WATER CCDL 1998B $45,713.52 $0.00 $45,713.528706 CLEAN WATER CCDL 1994 (A) $6,048.42 $0.00 $6,048.428707 CAP DEV. OF 1997 SERIES A $11,171.07 $0.00 $11,171.078710 CLEAN WATER CCDL 2002 B $17,360.28 $0.00 $17,360.288711 CLEAN WATER 2004 SERIES A $654,588.06 $0.00 $654,588.068712 CLN WATER CCDL 2005 SER E $59,514.71 $0.00 $59,514.718733 CAP DEV. OF 1997 SERIES A $7,038.70 $0.00 $7,038.708737 RI POLLUT. CONT 94 SER. A $6,324.02 $0.00 $6,324.028739 CCDL99A 1999A $285,798.62 $0.00 $285,798.628746 POL. CTRL CCDL 2006 SER C $232,573.05 $0.00 $232,573.058747 CLEAN WATER 2007 SERIES A $500,025.01 $0.00 $500,025.018748 RI POLLUTION CNTRL 2008 B $699,356.23 $0.00 $699,356.239114 G.O. NOTE 1991 SER. B $3,792.41 $0.00 $3,792.419117 BOND CCDL 1994 SERIES A $174,210.99 $0.00 $174,210.999120 BOND CCBL96A $543,900.46 $0.00 $543,900.469121 CAP DEV OF 1997 SERIES A $345.15 $0.00 $345.159123 CCDL 1998B $1,750,004.82 $0.00 $1,750,004.829125 MMG099 1999 $2,846.56 $0.00 $2,846.569126 BOND CAPITOL CCDL2000A $951,489.85 $0.00 $951,489.859127 MULTI-MODAL GEN OBL 2000 $2,818.24 $0.00 $2,818.249131 CCDL 2004 SERIES A $7,920,366.70 $0.00 $7,920,366.709132 BOND CCDL 2005 SERIES C $16,044,563.30 $0.00 $16,044,563.309133 BOND CCDL 2005 SERIES E $2,426,100.14 $0.00 $2,426,100.149134 BOND CCDL 2006 SERIES B $22,650.10 $0.00 $22,650.109135 BOND CCDL 2006 SERIES C $6,597,016.86 $0.00 $6,597,016.869136 GO BND-NTAX 2007 SERIES A $2,631,807.67 $0.00 $2,631,807.679137 GO BND-TAX 2007 SERIES B $4,006,625.26 $0.00 $4,006,625.269138 NON-TAX GO BND 2008 SER B $32,223,183.63 $0.00 $32,223,183.639139 TAXABLE GO BND 2008 SER C $8,499,864.37 $0.00 $8,499,864.37

Bond Proceeds Total $86,327,098.20 $0.00 $86,327,098.20

4911 TANS PROCEEDS $38,473,165.96 $0.00 $38,473,165.96

Grand Total $495,353,701.60 $80,359.19 $495,434,060.79

* Many funds include investment in Money Market and Collateralized Deposit investment vehicles. These investments do not have a fixed yield or duration and as such, interest earnings on these investments will not be reflected above. These investments pay a dividend, or interest on the 1st day of the month.

Short Term Investment Portfolio by FundAs of March 31, 2009

State of Rhode Island and Providence PlantationsOffice of the General Treasurer

Under 30 Days $370,553,437.44 100.00%31-60 Days 0 0.00%61-90 Days -$ 0.00%91-120 Days 0.000 0.00%Over 120 Days 0.000 0.00%

$370,553,437.4400 100.00%

Maturities in $Millions

Note: Includes $299.9 Million of Money Market and PIP investments with no specific maturity

Short Term InvestmentsMaturity ScheduleMarch 31, 2009

Short-Term InvestmentsMaturity Schedule

$0 $0 $0 $0

$370,553,437

$0

$50,000,000

$100,000,000

$150,000,000

$200,000,000

$250,000,000

$300,000,000

$350,000,000

$400,000,000

Under 30 Days 31-60 Days 61-90 Days 91-120 Days Over 120 Days

As of March 31, 2009

SPECIAL FUNDS

Fund Name Gain/Loss Total Market Value

Abraham Touro Fund 109,663$ 1,498,293$ ( Fidelity Balanced Fund)

Totals 109,663$ 1,498,293$

March 31, 2009INVESTMENT SUMMARYABRAHAM TOURO FUND

457 PLAN

State of Rhode Island Total Assets 457 Plans

Plan Provider 6/30/2008 9/30/2008 12/31/2008 3/31/2009

AIG 47,778,669.82$ 46,490,960.56$ 41,705,676.77$ 39,620,369.65$ Fidelity 64,674,156.21$ 57,345,671.58$ 46,734,016.51$ 45,004,563.87$ ING 92,717,737.30$ 86,371,402.64$ 76,289,496.30$ 73,213,595.13$

Total 205,170,563.33$ 190,208,034.78$ 164,729,189.58$ 157,838,528.65$

Monthly Plan Performance UpdateSTATE OF RHODE ISLAND - STATE OF RI (35835)

DOW JONES 30 INDUSTRIALAVERAGE

03/31/2009 7.94 -12.48 -12.48 03/31/2009 -35.94 -9.52 -3.64 -0.36

NASDAQ COMPOSITE INDEX 03/31/2009 11.02 -2.79 -2.79 03/31/2009 -32.25 -12.50 -4.43 -4.12

LEHMAN BROTHERSAGGREGATE BOND INDEX

03/31/2009 1.39 0.12 0.12 03/31/2009 3.13 5.78 4.13 5.70

RUSSELL 2000 INDEX 03/31/2009 8.93 -14.95 -14.95 03/31/2009 -37.50 -16.80 -5.24 1.93

STANDARD & POOR'S 500 ™INDEX

03/31/2009 8.76 -11.01 -11.01 03/31/2009 -38.09 -13.06 -4.76 -3.00

FID BLUE CHIP GROWTH 03/31/2009 9.27 -5.06 -5.06 03/31/2009 -34.81 -12.40 -5.51 -4.64 8.44 — 0.58% on09/29/2008

12/31/1987

FID CONTRAFUND 03/31/2009 6.97 -6.44 -6.44 03/31/2009 -33.79 -9.15 0.25 1.58 11.62 — 0.95% on02/28/2009

05/17/1967

FID DIVIDEND GROWTH 03/31/2009 10.64 -8.49 -8.49 03/31/2009 -42.05 -16.71 -8.15 -3.13 7.18 — 0.64% on09/29/2008

04/27/1993

FID EQUITY INCOME 03/31/2009 10.45 -13.35 -13.35 03/31/2009 -44.00 -16.42 -6.61 -1.73 10.69 — 0.71% on04/01/2009

05/16/1966

FID GROWTH & INCOME 03/31/2009 9.96 -12.00 -12.00 03/31/2009 -51.78 -22.61 -11.71 -6.51 7.84 — 0.68% on09/29/2008

12/30/1985

FID OTC PORTFOLIO 03/31/2009 11.70 3.30 3.30 03/31/2009 -32.44 -10.05 -2.25 -1.90 11.01 — 1.06% on09/29/2008

12/31/1984

FIDELITY MAGELLAN 03/31/2009 13.91 -2.68 -2.68 03/31/2009 -43.81 -16.03 -6.68 -4.47 16.07 — 0.73% on05/29/2008

05/02/1963

SPARTAN US EQ INDEX 03/31/2009 8.81 -10.97 -10.97 03/31/2009 -38.08 -13.09 -4.82 -3.10 7.66 — 0.10% on04/29/2008

02/17/1988

FID MID CAP STOCK 03/31/2009 8.76 -5.38 -5.38 03/31/2009 -41.11 -17.57 -4.87 2.20 7.91 .75 % /30days

0.95% on06/28/2008

03/29/1994

FID VALUE 03/31/2009 9.50 -14.38 -14.38 03/31/2009 -49.58 -20.35 -6.60 2.07 10.51 — 0.76% on02/24/2009

12/01/1978

FIDELITY LOW PR STK 03/31/2009 8.40 -7.87 -7.87 03/31/2009 -36.34 -13.04 -2.17 7.87 12.33 1.5 % /90days

0.99% on09/29/2008

12/27/1989

Page 1 of 3

FIDELITY NEW MILLEN 03/31/2009 9.76 -7.60 -7.60 03/31/2009 -36.04 -13.22 -3.63 1.75 11.17 — 1.10% on03/25/2009

12/28/1992

FKLN SMMIDCAP GRTH A 03/31/2009 9.06 -2.12 -2.12 03/31/2009 -33.89 -14.34 -3.76 1.28 7.72 — 1.00% on04/30/2008

02/14/1992

FID DIVERSIFIED INTL 03/31/2009 7.54 -11.81 -11.81 03/31/2009 -46.53 -14.43 -2.02 3.75 7.11 1 % /30days

1.04% on02/24/2009

12/27/1991

TEMPLETON FOREIGN A 03/31/2009 10.84 -7.88 -7.88 03/31/2009 -43.37 -13.12 -2.59 2.38 10.12 — 1.16% on02/29/2008

10/05/1982

FID FREEDOM 2000 03/31/2009 2.82 -1.89 -1.89 03/31/2009 -13.60 -2.27 0.30 2.34 4.61 — 0.51% on05/29/2008

10/17/1996

FID FREEDOM 2010 03/31/2009 5.11 -4.73 -4.73 03/31/2009 -25.06 -6.72 -1.45 1.40 4.56 — 0.65% on05/29/2008

10/17/1996

FID FREEDOM 2020 03/31/2009 6.20 -6.27 -6.27 03/31/2009 -31.39 -9.65 -2.35 0.38 4.11 — 0.72% on05/29/2008

10/17/1996

FID FREEDOM 2030 03/31/2009 7.04 -8.09 -8.09 03/31/2009 -36.25 -12.11 -3.46 -0.63 3.34 — 0.76% on05/29/2008

10/17/1996

FID FREEDOM INCOME 03/31/2009 2.52 -1.56 -1.56 03/31/2009 -11.97 -1.66 0.48 2.50 3.98 — 0.49% on05/29/2008

10/17/1996

FID PURITAN 03/31/2009 5.86 -4.52 -4.52 03/31/2009 -26.86 -7.27 -1.58 1.39 10.70 — 0.61% on10/30/2008

04/16/1947

FID MGD INC PORT II 03/31/2009 0.21 0.63 0.63 03/31/2009 3.18 3.97 3.88 4.60 5.12 — — 04/20/1993

PIMCO TOT RETURN ADM 03/31/2009 1.71 1.43 1.43 03/31/2009 2.71 6.39 4.66 6.17 7.03 — 0.68% on03/30/2008

09/08/1994

FIDELITY RETIRE MMKT 03/31/2009 0.08 0.31 0.31 03/31/2009 2.28 4.04 3.39 3.37 4.48 — 0.42% on10/30/2008

12/02/1988

BROKERAGELINK — — — — — — — — — — — — —

† For Fidelity fund of funds the performance table displays both the Expense Ratio and the Combined Total Expense Ratio. Expense Ratio is the total annual fund operatingexpense ratio from the fund's most recent prospectus. Combined Total Expense Ratio reflects expense reimbursements and reductions and is based on the total operatingexpense ratio of the fund plus a weighted average of the total operating expense ratios of the underlying Fidelity funds in which it was invested. This ratio may be higher orlower depending on the allocation of the fund's assets among the underlying Fidelity funds and the actual expenses of the underlying Fidelity funds.

† Expense Ratio is the total annual fund operating expense ratio from the fund's most recent prospectus. Please note that for the non-Fidelity fund-of-funds listed, the ratioshown may solely reflect the total operating expense ratio of the fund, or may be a combined ratio reflecting both the total operating expense ratio of the fund and the totaloperating expense ratios of the underlying funds in which it was invested. Please consult the fund's prospectus for more detail on a particular fund's expense ratio.

Page 2 of 3

Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the periodindicated. Life of Fund figures are reported as of the inception date to the period indicated. These figures do not include the effect of sales charges, if any, as these charges arewaived for contributions made through your company's employee benefit plans. If sales charges were included, returns would have been lower.

The management company may be temporarily reimbursing a portion of the fund's expenses. Absent such reimbursement, returns and yields would have been lower. A fund'sexpense limitation may be terminated at any time. Please see the prospectus for further information.

AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH MONEY MARKETFUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THESE FUNDS.

A money market fund's current yield reflects the current earnings of the fund while the total return refers to a specific past holding period.

Performance of an index is not illustrative of any particular investment and an investment cannot be made directly in an index.

The NASDAQ Composite® Index is an unmanaged market capitalization-weighted index of the National Market System which includes over 5,000 stocks traded onlyover-the-counter and not on an exchange.

The Dow Jones Industrial Average (DJIA) is an unmanaged price-weighted index and is the most widely used indicator of how the country's industrial leaders are performing.Also known as "the Dow," this is a formula based on the stock prices of 30 major companies chosen from sectors of the economy most representative of our country'seconomic condition.

The Russell 2000® Index is an unmanaged market capitalization-weighted index of 2,000 small company stocks of U.S. domiciled companies.

The S&P 500® Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use by Fidelity Distributors Corporation and its affiliates. It isan unmanaged index of the common stock prices of 500 widely held U.S. stocks that includes the reinvestment of dividends.

The Lehman Brothers Aggregate Bond Index is an unmanaged market value-weighted index for investment-grade fixed-rate debt issues, including government, corporate,asset-backed, and mortgage-backed securities with maturities of at least one year.

Because of their narrow focus, sector funds may be more volatile than funds that diversify across many sectors.

Investments in mortgage securities are subject to prepayment risk, which can limit the potential for gain during a declining interest rate environment and increase the potentialfor loss in a rising interest rate environment.

Lower-quality debt securities involve greater risk of default and/or price changes due to changes in the credit quality of the issuer.

Investments in smaller companies may involve greater risks than those of larger, more well-known companies.

Foreign investments, especially those in emerging markets involve greater risk and may offer greater potential returns than U.S. investments. This risk includes political andeconomic uncertainties of foreign countries, as well as the risk of currency fluctuations.

Strategic Advisers, Inc., a subsidiary of FMR LLC, manages the Fidelity Freedom Funds.

BEFORE INVESTING IN ANY INVESTMENT OPTION, PLEASE CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. FOR THIS ANDOTHER INFORMATION, PLEASE CALL FIDELITY AT 1-800-343-0860 OR VISIT WWW.FIDELITY.COM FOR A FREE MUTUAL FUND PROSPECTUS OR VARIABLE ANNUITYPROSPECTUS. FOR INFORMATION ON FIXED ANNUITIES, CONTACT FIDELITY TO REQUEST A FACT SHEET. READ THEM CAREFULLY BEFORE YOU INVEST.

Brokerage Products and Services are offered through Fidelity Brokerage Services, Member NYSE, SIPC. Investment and workplace savings plan products and services offereddirectly to investors and plan sponsors are provided by Fidelity Brokerage Services, Member NYSE, SIPC, 300 Puritan Way, Marlborough, MA 01752. Investment andworkplace savings plan products and services distributed through investment professionals are provided by Fidelity Investments Institutional Services Company, Inc., 82Devonshire Street, Boston, MA 02109.

© 2006 FMR LLC. All rights reserved. The trademarks and service marks appearing herein are the property of their respective owners.

Page 3 of 3

P E R F O R M A N C E U P D A T E

ING Life Insurance and Annuity Company

(shown in percentages)Average Annual Total Returns as of: 03/31/2009

STATE OF RHODE ISLAND

Mutual funds offered through a retirement plan are investments designed for retirement purposes. Early withdrawals will reduce your account value and if taken prior to age 59 1/2, a 10% IRSpenalty may apply.

The performance data quoted represents past performance. Past performance does not guarantee future results. For month-end performance which may be lower or higher than theperformance data shown please call 800-232-5422. Investment return and principal value of an investment will fluctuate so that, when sold, an investment may be worth more or lessthan the original cost.

The below investment options are in Separate Account D. Please note that the figures do not include an adjustment for the ING Administrative Fund Fee (where applicable) and the deduction of theDaily Asset Charge from the Separate Account (if applicable), or other applicable contract charges. If these fees and charges were included, performance would be less favorable.

The returns assume reinvestment of all dividends (ordinary income and capital gains) and are net of management fees and other fund operating expenses.

You should consider the investment objectives, risks and charges, and expenses of the funds carefully before investing. The prospectus contains this and other information. Anyonewho wishes to obtain a free copy of the fund prospectuses may call their ING representative or the number above. Please read the prospectus carefully before investing.

Returns less than one year are not annualized. Fund Inception Date is the date of inception for the underlying fund, and is the date used in calculating the periodic returns. This date may alsoprecede the portfolio's inclusion in the product.

Investment Options3-Mo1-Mo YTD 1-Yr 3-Yr 5-Yr 10-Yr

Incept

Inception

Date

FundBenchmark

ID (BM) Fund BM Fund BM Fund BM Fund BM Fund BM Fund BM Fund BM

Gross Fund

Exp %*

Net Fund

Exp %*

Stability of Principal

0.30 0.86 0.86 4.11 4.24 4.30 5.25 2.972.953.521.610.180.180.02MFRING Fixed Account - 457/401 (6)(7)Money Market

0.03 0.14 0.14 1.82 3.92 3.33 3.35 01/01/1980The 7-day annualized Subaccount yield as of 03/31/2009 is 0.33%, which more closely reflects current earnings. (1)

3.383.514.011.900.220.220.06IBCMING VP Money Market Portfolio - Class I (2) 0.33 0.33

Bonds

Intermediate-Term Bond0.74 -2.08 -2.08 -10.11 -0.25 0.84 3.83 05/23/19735.704.135.783.140.120.121.39LEHMING VP Intermediate Bond Portfolio - Class I 0.49 0.49

Balanced

Moderate Allocation

Page 1 of 7

See Performance Introduction Page for Important Information

Investment Options3-Mo1-Mo YTD 1-Yr 3-Yr 5-Yr 10-Yr

Incept

Inception

Date

FundBenchmark

ID (BM) Fund BM Fund BM Fund BM Fund BM Fund BM Fund BM Fund BM

Gross Fund

Exp %*

Net Fund

Exp %*4.77 -3.29 -3.29 -29.73 -10.00 -3.65 -1.44 09/02/1986-2.99-4.77-13.05-38.09-11.02-11.028.76SPXRECalvert Variable Series, Inc. Social Balanced Portfolio 0.90 0.905.43 -8.00 -8.00 -24.89 -6.95 -0.57 -0.36 12/10/2001-4.77-13.05-38.09-11.02-11.028.76SPXREING Van Kampen Equity and Income Portfolio - Initial

Class0.57 0.57

4.98 -8.17 -8.17 -29.12 -9.46 -3.15 -0.08 04/03/1989-2.99-4.77-13.05-38.09-11.02-11.028.76SPXREING VP Balanced Portfolio, Inc. - Class I 0.60 0.60

Large Cap Value

Large Blend8.16 -9.37 -9.37 -32.66 -8.93 -1.82 -2.36 05/02/1994-2.57-4.54-13.24-38.27-10.45-10.458.75RS1000AIM V.I. Core Equity Fund - Series I Shares (4) 0.90 0.899.29 -7.65 -7.65 -37.36 -12.46 -4.72 -3.17 11/28/1997-2.99-4.77-13.05-38.09-11.02-11.028.76SPXREING Thornburg Value Portfolio - Initial Class 0.90 0.909.29 -10.81 -10.81 -40.49 -15.63 -5.50 -3.83 11/28/1997-2.99-4.77-13.05-38.09-11.02-11.028.76SPXREING UBS U.S. Large Cap Equity Portfolio - Initial Class 0.85 0.858.63 -8.34 -8.34 -36.01 -12.70 -4.16 -4.31 12/31/1979-2.99-4.77-13.05-38.09-11.02-11.028.76SPXREING VP Growth and Income Portfolio - Class I 0.59 0.597.89 -12.26 -12.26 -37.65 -14.01 -5.32 -3.43 09/16/1996-2.99-4.77-13.05-38.09-11.02-11.028.76SPXREING VP Index Plus LargeCap Portfolio - Class I 0.44 0.44

Large Value10.44 -13.23 -13.23 -44.89 -16.74 -6.77 -1.81 10/09/1986-0.24-4.97-15.61-42.14-17.00-17.008.58RS3000VFidelity® VIP Equity-Income Portfolio - Initial Class 0.55 0.55

6.63 -16.30 -16.30 -39.56 -14.75 -5.65 -1.89 12/13/1996-2.99-4.77-13.05-38.09-11.02-11.028.76SPXREING Opportunistic Large Cap Value Portfolio - Class I 0.69 0.69

Large Cap Growth

Large Growth4.27 -9.00 -9.00 -38.59 -16.22 -6.44 -3.47 05/05/1993-5.26-4.38-11.28-34.27-4.12-4.128.92RS1000GAIM V.I. Capital Appreciation Fund - Series I Shares 0.88 0.889.50 -8.55 -8.55 -40.49 -12.98 -2.13 0.48 01/03/1995-2.99-4.77-13.05-38.09-11.02-11.028.76SPXREFidelity® VIP Contrafund® Portfolio - Initial Class 0.65 0.656.79 -7.71 -7.71 -43.61 -14.08 -6.51 -4.61 10/09/1986-5.00-4.45-11.71-34.43-4.54-4.548.92RS3000GFidelity® VIP Growth Portfolio - Initial Class 0.65 0.65

Small/Mid/Specialty

Mid-Cap Growth9.76 -2.17 -2.17 -37.56 -13.70 -4.75 -2.20 12/10/2001-3.92-14.90-39.58-3.36-3.369.53RSMIDGRWING T. Rowe Price Diversified Mid Cap Gr Port-Initial

Cl0.66 0.66

Small Blend7.58 -13.85 -13.85 -35.34 -13.45 -2.63 4.07 12/27/19961.93-5.24-16.80-37.51-14.95-14.958.93RS2000ING VP Small Company Portfolio - Class I 0.85 0.85

Global / International

Foreign Large Value6.51 -14.30 -14.30 -43.99 -11.46 -10.04 01/03/2006-13.05-38.09-11.02-11.028.76SPXREING Templeton Foreign Equity Portfolio - Initial Class

(5)0.99 0.98

World Stock8.96 -8.82 -8.82 -39.42 -14.00 -2.69 0.08 05/01/2002-2.36-12.84-42.74-10.56-10.568.29MSCIACING Oppenheimer Global Portfolio - Initial Class 0.66 0.66

The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility.

Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks.

Some of the Funds invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the Funds are not insured nor guaranteed.

High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities.

Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology,chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities.

Page 2 of 7


*The Gross Expense Ratios shown do not reflect any temporary fee or expense waivers that may be in effect for a fund. The performance of a fund with a temporary fee or expense waiver wouldhave been lower if the gross fund fees / expenses listed had been reflected.

Page 3 of 7

P E R F O R M A N C E U P D A T E

ING Life Insurance and Annuity Company

(shown in percentages)Average Annual Total Returns as of: 03/31/2009

Separate Account D

STATE OF RHODE ISLAND

Variable annuities and funding agreements are long-term investment vehicles designed for retirement purposes which allow you to allocate contributions among variable investment options thathave the potential to grow tax-deferred with an option to receive a stream of income at a later date. Early withdrawals from variable annuities may be subject to surrender charges, and if taken priorto age 59 1/2, a 10% IRS penalty may apply. Withdrawals will also reduce the applicable death benefit and cash surrender value.

The performance data quoted represents past performance. Past performance does not guarantee future results. For month-end performance which may be lower or higher than theperformance data shown please call 800-232-5422. Investment return and principal value of an investment will fluctuate so that, when sold, an investment may be worth more or lessthan the original cost.

These numbers reflect total Separate Account charges of 0.50% on an annual basis. They also assume reinvestment of all dividends (ordinary income and capital gains) and are net ofmanagement fees and other fund operating expenses.

Depending upon the type of contract in which you participate, you have either received disclosure booklets for the separate account and/or fund prospectuses. You should considerthe investment objectives, risks and charges, and expenses of the variable product and its underlying fund options carefully before investing. The disclosure booklet contains thisand other information. Anyone who wishes to obtain a free copy of the separate account disclosure booklet and/or fund prospectuses may call their ING representative or the numberabove. Please read the separate account disclosure booklet and/or the fund prospectuses carefully before investing.

Returns less than one year are not annualized. Fund Inception Date is the date of inception for the underlying fund, and is the date used in calculating the periodic returns. This date may alsoprecede the portfolio's inclusion in the product.

Investment Options 3-Mo 1-Mo YTD 1-Yr 3-Yr 5-Yr 10-Yr Incept

FundInception

Date

Stability of Principal

0.30 0.86 0.86 4.11 4.24 4.30 5.25This fund is not part of the product's separate account.

ING Fixed Account - 457/401 (6)(7)

Money Market-0.01 0.02 0.02 1.31 3.40 2.82 2.83 01/01/1980

The 7-day annualized Subaccount yield as of 03/31/2009 is -0.17%, which more closely reflects current earnings. (1)ING VP Money Market Portfolio - Class I (2)

Bonds

Intermediate-Term Bond0.70 -2.20 -2.20 -10.56 -0.74 0.34 3.31 05/23/1973ING VP Intermediate Bond Portfolio - Class I

Balanced

Page 4 of 7


Investment Options 3-Mo 1-Mo YTD 1-Yr 3-Yr 5-Yr 10-Yr Incept

FundInception

Date

Moderate Allocation4.73 -3.40 -3.40 -30.08 -10.45 -4.13 -1.93 09/02/1986Calvert Variable Series, Inc. Social Balanced Portfolio5.38 -8.11 -8.11 -25.26 -7.42 -1.48 0.69 09/13/1993ING Van Kampen Equity and Inc-I/Janus Asp Balanced-I (3)5.38 -8.11 -8.11 -25.26 -7.42 -1.07 -0.86 12/10/2001ING Van Kampen Equity and Income Portfolio - Initial Class4.94 -8.28 -8.28 -29.47 -9.91 -3.64 -0.58 04/03/1989ING VP Balanced Portfolio, Inc. - Class I

Large Cap Value

Large Blend8.11 -9.48 -9.48 -33.00 -9.38 -2.31 -2.85 05/02/1994AIM V.I. Core Equity Fund - Series I Shares (4)9.24 -7.77 -7.77 -37.67 -12.89 -5.20 -3.65 11/28/1997ING Thornburg Value Portfolio - Initial Class9.24 -10.92 -10.92 -40.79 -16.05 -5.98 -4.31 11/28/1997ING UBS U.S. Large Cap Equity Portfolio - Initial Class8.58 -8.45 -8.45 -36.33 -13.14 -4.64 -4.79 12/31/1979ING VP Growth and Income Portfolio - Class I7.84 -12.37 -12.37 -37.97 -14.44 -5.79 -3.91 09/16/1996ING VP Index Plus LargeCap Portfolio - Class I

Large Value10.40 -13.33 -13.33 -45.17 -17.16 -7.24 -2.30 10/09/1986Fidelity® VIP Equity-Income Portfolio - Initial Class

6.58 -16.40 -16.40 -39.86 -15.18 -6.12 -2.38 12/13/1996ING Opportunistic Large Cap Value Portfolio - Class I

Large Cap Growth

Large Growth4.23 -9.11 -9.11 -38.90 -16.64 -6.91 -3.95 05/05/1993AIM V.I. Capital Appreciation Fund - Series I Shares9.45 -8.66 -8.66 -40.79 -13.42 -2.62 -0.03 01/03/1995Fidelity® VIP Contrafund® Portfolio - Initial Class6.74 -7.82 -7.82 -43.90 -14.51 -6.98 -5.09 10/09/1986Fidelity® VIP Growth Portfolio - Initial Class

Small/Mid/Specialty

Mid-Cap Growth9.71 -2.30 -2.30 -37.87 -14.13 -3.48 -4.06 09/13/1993ING T. Rowe Price Div MidCap-I/Janus Aspen MidCap - I (3)9.71 -2.30 -2.30 -37.87 -14.13 -5.23 -2.69 12/10/2001ING T. Rowe Price Diversified Mid Cap Gr Port-Initial Cl

Small Blend7.53 -13.95 -13.95 -35.67 -13.88 -3.12 3.55 12/27/1996ING VP Small Company Portfolio - Class I

Global / International

Foreign Large Value6.46 -14.41 -14.41 -44.27 -11.90 -10.49 01/03/2006ING Templeton Foreign Equity Portfolio - Initial Class (5)

World Stock8.91 -9.03 -9.03 -39.72 -14.43 -5.62 -3.29 09/13/1993ING Oppenheimer Global-Int/Janus Aspen Worldwide Gr-Inst (3)8.91 -9.03 -9.03 -39.72 -14.43 -3.18 -0.42 05/01/2002ING Oppenheimer Global Portfolio - Initial Class

The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility.

Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks.

Some of the Funds invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the Funds are not insured nor guaranteed.

High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities.

Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology,chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities.

Page 5 of 7

Additional Notes

(1) The current yield reflects the deduction of all charges under the contract that are deducted from the total return quotations shown.

Insurance products, annuities and funding agreements issued by ING Life Insurance and Annuity Company One Orange Way Windsor, CT 06095, (ILIAC), which is solely responsible for meeting itsobligations. Plan administrative services provided by ILIAC or ING Institutional Plan Services, LLC. All companies are members of the ING family of companies. Securities are distributed by oroffered through ING Financial Advisers, LLC (member SIPC) or other broker-dealers with which it has a selling agreement.

For a performance report reflecting the charges or more information regarding product expenses, please contact your ING Representative.

(2) An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although effective October 7, 2008, the fundseeks to preserve the value of your investment at $1.00 per share, there is no assurance it will be able to do so. While the fund's objective includes the preservation of capital, it is possible to losemoney by investing in the fund.(3) The latter fund listed was replaced with the applicable ING Partners, Inc. Portfolio (the first fund listed). For most Plans this occurred after the close of business on December 3, 2004. Theperformance shown is based on the performance of the replaced fund until December 3, 2004, and the performance of the applicable ING Partners, Inc. Portfolio after that date. The replaced fundmay not have been available under all contracts.(4) AIM V.I. Core Equity Fund - Series I Shares: Effective July 1, 2007, Invesco Aim contractually agreed to waive 100% of the advisory fee Invesco Aim receives from affiliated money market fundson investments by the Fund in such affiliated money market funds. Fee Waiver reflects this agreement. This waiver agreement is in effect through at least April 30, 2009.(5) ING Templeton Foreign Equity Portfolio - Inst Class: Under the administrative services agreement between ING Partners Inc.,on behalf of the Portfolio and ING Funds Services, LLC, thePortfolio's administrator, ING Funds Services, LLC, provides administrative services necessary for the Portfolio's operation and is responsible for the supervision of the Portfolio's other serviceproviders. ING Funds Services, LLC assumes all recurring costs of the Portfolio, such as custodian, director's, transfer agency and accounting fees.(6) The CURRENT rate for the ING Fixed Account - 457/401 Base+115 is 3.55%, expressed as an annual effective yield, and is guaranteed not to drop below 3.20% through 12/31/2009. Theannual rate of interest applied to your account may be higher or lower than the current rate. Restrictions may apply to transfers of funds from the Fixed Account to other contract investment options.Please refer to your product prospectus / disclosure booklet and call your 800 number for more information.

(7) The Investment Option is neither a mutual fund nor part of a Separate Account. The returns listed do not include the impact of contract charges. Please refer to the contract or disclosure bookto determine which Fixed Interest Options are available for your specific plan. The Investment Option is offered through ING Life and Insurance Annuity Company.

Not all investments options are available under all contracts; please check your disclosure booklet for options available under your plan.

The returns do not reflect the impact of a Deferred Surrender Charge. If included, performance would be less favorable.

Benchmark ID Benchmark Description

IBCM The Money Fund Report Averages� - All Taxable is an average of the returns of over 250 money market mutual funds surveyed each month by IBC/Donoghue, Inc.

LEHM The Barclays Capital U.S. Aggregate Bond Index is composed of securities from the Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index, andAsset-Backed Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investm

MFR The MFR Money Market Index is comprised of returns which are based upon historical average 30-day compound yields on a universe of taxable money market funds. The data forthe universe, which includes approximately 980 funds, is compiled by iMoneynet, Inc. Goal of ING Fixed Account - 457/401 is to outperform the MFR by 150 - 200 basis points over3 - 5 year time periods.

MSCIAC The Morgan Stanley Capital International (MSCI) All Country World Index is a broad-based unmanaged index of developed country and emerging market equities.

RS1000 The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalizationof the Russell 3000 Index.

RS1000G The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell1000 Growth returns assume reinvestment of all dividends.

RS2000 The Russell 2000 Index (a small cap index) consists of the smallest 2,000 companies in the Russell 3000 Index and represents approximately 10% of the Russell 3000 total marketcapitalization. The Russell 2000 returns assume reinvestment of all dividends.

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Benchmark ID Benchmark Description

RS3000G The Russell 3000 Growth Index measures the performance of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values. The stocks inthis index are also members of either the Russell 1000 Growth or the Russell 2000 Growth indexes.

RS3000V The Russell 3000 Value Index is a market capitalization-weighted index of value-oriented stocks of U.S. domiciled corporations.

RSMIDGRW The Russell MidCap Growth Index is an unmanaged index of U.S. mid-cap growth stocks.

SPXRE The Standard & Poor's (S&P) 500 Index is considered to be representative of the stock market in general. The S&P 500 returns assume reinvestment of all dividends.

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Creation Date:Wednesday, April 15, 2009

Documents

STATE OF RHODE ISLAND - data.treasury.ri.govdata.treasury.ri.gov/dataset/4fde48b6-53a9-4986-a5...state of rhode island investment commission meeting data at march 31, 2009 members